Finance, DeFi, Ethena All present customers will likely be onboarded to Ethena’s entity within the British Virgin Islands.
Decentralized finance (DeFi) protocol Ethena has agreed to wind down its operations in Germany.
The choice comes three weeks after BaFin, Germany’s finance regulator, recognized “serious deficiencies” in Ethena’s USDe token and mentioned that the corporate was providing securities in Germany with out approval.
“We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany,” Ethena mentioned in a tweet.
It added that each one earlier customers will likely be onboarded to Ethena BVI, the protocol’s entity within the British Virgin Islands.
Ethena is the yield-generating protocol with $4.9 billion in complete worth locked (TVL). The USDe token is dubbed a “synthetic dollar” and is backed by bitcoin (BTC), ether (ETH) and different cryptocurrencies.
Ethena’s ENA token is down by 2.88% prior to now 24 hours, underperforming in opposition to the broader market which is up 1.17%, in accordance with CoinMarketCap.
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