PANews reported on April 15 that according to the official Twitter account of Ethena Labs, Ethena has reached an agreement with the German financial regulator BaFin to close all operations of its German subsidiary Ethena GmbH and no longer apply for MiCAR authorization. Since March 21, 2025, Ethena GmbH has no minting or redemption operations, and all related activities are undertaken by Ethena (BVI) Limited, and users have also completed the migration. Ethena GmbH now has no whitelisted users or direct customers.

Last month, Germany’s BaFin halted the token issuance business of Ethena’s stablecoin USDe, citing major compliance deficiencies .