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Ethena GmbH, registered in Frankfurt, was established as the German branch of British Virgin Islands-based Ethena to support its European operations
Ethena stated that, due to the cessation of its operations in Germany on April 14, 2025, all whitelisted mint and redeem users have been moved to Ethena (BVI) Limited, leaving Ethena GmbH without any customers or ongoing activities
Ethena Labs will shut down its Frankfurt-based subsidiary Ethena GmbH and drop MiCAR licensing plans in Germany after BaFin flagged issues with its USDe stablecoin
Ethena stated that since BaFin’s March 21 halt of it’s sale of USDe stablecoins, its German subsidiary has not minted or redeemed them, with all such activities handled by its British Virgin Islands entity, Ethena Limited
BaFin, the German supervisory authority, in March 21, 2025 froze USDe token sales over MiCA noncompliance, citing serious approval process flaws and potential unregistered securities, blocked reserves, shut Ethena’s local website, and banned new customer onboarding

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