The Decentralized Financing Protocol (DEFI) Ethena has agreed to complete its operations in Germany.
The decision comes three weeks after Bafin, the Germany’s finance regulator, identified “serious gaps” in the Ethena Usde token and said the company offered securities in Germany without approval.
“We have agreed with Bafin to finish all the activities of Ethhena GmbH and we will no longer continue to have a joint in Germany,” said Ethena in a tweet.
He added that all previous users will be integrated into Ethena BVI, the protocol entity in the British Virgin Islands.
Ethena is the yield generator protocol with $ 4.9 billion of total locked value (TVL). The USDE token is nicknamed a “synthetic dollar” and is supported by Bitcoin (BTC), Ether (ETH) and other cryptocurrencies.
According to CoinMarketCap, the ENA Ethena token is down 2.88% in the last 24 hours, against the wider market, which is up 1.17%.
