Bafin下令立即停止USD代幣公開銷售

巴芬是德國聯邦財務監督管理局，已下令立即停止公開出售USDE代幣，USDE代幣是該公司Ethena GmbH公司發行的合成貨幣。

The Federal Financial Supervisory Authority (BaFin) has ordered the immediate cessation of the public sale of the USDe token, a synthetic currency issued by the company Ethena GmbH.

聯邦金融監督管理局（BAFIN）已下令立即停止公開出售USDE令牌，USDE代幣是由Ethena GmbH公司發行的合成貨幣。

The decision follows alleged violations of the European regulation on cryptocurrency markets (MiCAR), highlighting a failure to comply with administrative obligations.

該決定涉嫌違反歐洲對加密貨幣市場（MICAR）的規定，強調未能遵守行政義務。

In response, BaFin has frozen the reserves that support the token and imposed the closure of the company’s website. However, secondary sales of the token will not be affected.

作為回應，巴芬凍結了支持令牌的儲備，並強加了公司網站的關閉。但是，令牌的次要銷售不會受到影響。

Violations of European regulations and measures taken by BaFin for the USDe token of Ethena GmbH

違反歐洲法規和巴芬為USDE eTken of Ethena GmbH所採取的措施

違反歐洲法規和巴芬為USDE eTken of Ethena GmbH所採取的措施

BaFin has issued an order that enforces the immediate suspension of the primary sale of the USDe token, highlighting several issues in the regulatory requirements followed by the company Ethena GmbH.

巴芬發出了一項命令，該命令立即停用了USDE代幣的主要出售，強調了監管要求中的幾個問題，其後是Ethena GmbH公司。

According to the official statement, the regulator has identified a possible violation of European financial securities regulations, and believes that the token was marketed without the necessary information prospectus required by the MiCAR (Markets in Crypto-Assets Regulation).

根據官方聲明，監管機構已經確定了可能違反歐洲金融證券法規的行為，並認為該令牌是在沒有Micar要求的必要信息招股說明書（Crypto-Assets Congulation中的市場）上市的。

In addition to the sales ban, BaFin has also ordered:

除了銷售禁令外，巴芬還訂購了：

* The closure of the company’s website and social media channels.

*關閉公司網站和社交媒體渠道。

* The freezing of the reserves supporting the USDe token.

*支持USDE代幣的儲備的凍結。

* A complete cessation of all advertising activity for the token.

*完全停止令牌的所有廣告活動。

* The cancellation of any events organized by Ethena GmbH to promote the USDe token.

*取消了埃塞納（Ethena）gmbH組織以促進USDE代幣的任何事件。

These measures are aimed at mitigating investor risks and ensuring that the cryptocurrency market operates in accordance with the current regulations in the European Union.

這些措施旨在減輕投資者的風險，並確保加密貨幣市場按照歐盟當前的法規運作。

According to BaFin, the issue does not concern only the USDe token, but also its linked version, the sUSDe.

根據巴芬的說法，該問題不僅涉及USDE代幣，而且還涉及其鏈接版本Susde。

The regulator explained that the two assets are closely connected in a reciprocal exchange mechanism, where investors can obtain the sUSDe tokens in exchange for USDe.

監管機構解釋說，這兩個資產在相互交換機制中密切相關，在該機制中，投資者可以在這裡獲得SUSDE令牌以換取USDE。

BaFin stated that it has reasonable suspicion that Ethena GmbH marketed the sUSDe tokens as financial instruments without the required prospectus.

巴芬表示，它有合理的懷疑是，埃塞納（Ethena GmbH）將蘇斯德令牌作為金融工具銷售，而沒有所需的招股說明書。

This type of violation represents a serious infringement of European financial market laws, which mandate strict rules on transparency and investor protection.

這種類型的違規代表了歐洲金融市場法的嚴重侵犯，這規定了有關透明度和投資者保護的嚴格規定。

The impact on the markets and the position of BaFin

對市場的影響和巴芬的位置

對市場的影響和巴芬的位置

Despite the ban on primary sales, BaFin clarified that transactions of USDe and sUSDe in secondary markets will not be affected.

儘管禁止初級銷售，但巴芬澄清說，在二級市場中的USDE和SUSDE交易不會受到影響。

This implies that users will still be able to exchange tokens among themselves without direct implications on decentralized trading platforms or on third-party exchange.

這意味著用戶仍然可以在彼此之間交換代幣，而不會直接對分散交易平台或第三方交易所產生直接影響。

However, the measure launched by BaFin once again sheds light on the growing attention of European regulators in monitoring the cryptocurrency market.

但是，巴芬（Bafin）發起的措施再次闡明了歐洲監管機構在監測加密貨幣市場時日益增長的關注。

With the entry into force of the MiCAR regulation, the European Union is adopting stricter policies to ensure that digital assets comply with regulations similar to those applied to traditional financial instruments.

隨著MICAR法規的生效，歐盟正在採取更嚴格的政策，以確保數字資產符合與傳統金融工具相似的法規。

The decision of BaFin sends a clear signal to the cryptocurrency industry: European authorities are intensifying controls to verify that digital tokens adhere to financial market regulations.

巴芬的決定向加密貨幣行業發出了明確的信號：歐洲當局正在加強控制措施，以驗證數字代幣遵守金融市場法規。

This case could pave the way for further interventions by regulators on other crypto initiatives that fail to meet the requirements set by MiCAR.

此案可以為監管機構對其他無法滿足Micar要求的其他加密計劃的進一步干預鋪平道路。

Ethena GmbH will now have to face the consequences of its alleged violations and may be forced to fully comply with European regulations to resume its operations.

Ethena GmbH現在將不得不面對其所謂的違法行為的後果，並可能被迫完全遵守歐洲法規以恢復其行動。

At present, there are no official statements from the company Ethena GmbH concerning this measure. However, the matter remains in development and further details may emerge in the coming days.

目前，該措施尚無有關該措施的Ethena GmbH公司的官方聲明。但是，此事仍在開發中，未來幾天可能會出現進一步的細節。