在監管壓力的情況下，Ethena Labs離開德國

該公告是在巴芬指出Ethena的USDE Stablecoin中的“嚴重缺陷”之後發布的，其中包括其作為未註冊的證券產品的分類。

Ethena, a decentralized finance (DeFi) protocol, will be winding down its operations in Germany amid regulatory pressure from the Federal Financial Supervisory Institution of Germany (BaFin).

Ethena是一項分散的金融協議（DEFI）協議，將在德國聯邦金融監督機構（BAFIN）的監管壓力下結束其在德國的行動。

The protocol announced that it will be migrating its German users to its British Virgin Islands (BVI) entity, Ethena BVI.

該協議宣布，它將將其德國用戶遷移到其英屬維爾京群島（BVI）實體Ethena BVI。

This move comes after BaFin pointed out “serious deficiencies” in Ethena’s USDe stablecoin, which includes its classification as an unregistered securities product.

在巴芬指出Ethena的USDE Stablecoin中的“嚴重缺陷”之後，此舉包括其作為未註冊的證券產品的分類。

We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.

我們已經同意巴芬（Bafin）的同意，以限制Ethena GmbH的所有活動，並且將不再在德國尋求MICAR授權。

As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried…

如前所述，自2025年3月21日以來，Ethena GmbH從未進行過任何造幣廠或贖回活動，並且所有活動都已進行…

output: Ethena, a leading decentralized finance (DeFi) player, will be winding up its German operations and pivoting to the British Virgin Islands (BVI) amid regulatory pressure from the Federal Financial Supervisory Institution of Germany (BaFin).

產出：埃塞納（Ethena）是一位領先的分散財務（DEFI）球員，將在法規壓力下，將其德國業務結束，並將其轉向英屬維爾京群島（BVI）（BVI），來自德國聯邦金融監督機構（Bafin）。

The protocol, which offers a stablecoin and yield-generating DeFi products, is shutting down its German subsidiary, Ethena GmbH, following a meeting with BaFin.

該協議提供了穩定的和產生的Defi產品，在與Bafin舉行會議後，正在關閉其德國子公司Ethena GmbH。

This move comes after BaFin pointed out “serious deficiencies” in Ethena’s USDe stablecoin, which includes its classification as an unregistered securities product.

在巴芬指出Ethena的USDE Stablecoin中的“嚴重缺陷”之後，此舉包括其作為未註冊的證券產品的分類。

The regulator also highlighted the lack of MiCAR reporting by Ethena, rendering its German operations noncompliant with the country’s legal framework.

該監管機構還強調了埃塞納（Ethena）缺乏質量報導，使其德國業務與該國的法律框架不合格。

The company announced that it will be migrating its German users to its BVI entity, Ethena BVI.

該公司宣布將將其德國用戶遷移到其BVI實體Ethena BVI。

This transition is part of a major restructuring process the protocol is going through, which was ordered to suspend issuance of USDe in March 2025.

該過渡是該協議正在通過的重大重組過程的一部分，該過程被勒令在2025年3月中止USDE。

At the same time, Ethena is planning to expand in Europe through compliant channels.

同時，Ethena計劃通過合規渠道在歐洲擴展。

"We are disappointed not to be able to continue operating in Germany at this time and to complete the MiCAR reporting process with BaFin under the new regulatory framework, which provides legal clarity for the European crypto sector," Ethena said in a statement on X.

Ethena在X上的一份聲明中說：“我們很失望，目前無法繼續在德國繼續運營，並在新的監管框架下與Bafin一起完成了與Bafin的MACAR報告過程，該框架為歐洲加密貨幣部門提供了法律清晰度。”

The firm added that secondary market activity will remain unaffected and invited users to join its upcoming community call for more information.

該公司補充說，二級市場活動將不受影響，並邀請用戶加入即將到來的社區呼籲以獲取更多信息。

Despite the setback in Germany, Ethena appears to be making progress in other areas.

儘管在德國遇到了挫折，但埃塞納似乎在其他領域取得了進展。

The protocol, which boasts a total value locked (TVL) of $4.9 billion, is among the top 10 DeFi protocols globally, according to DeFi Llama data.

根據Defi Llama的數據，該協議擁有49億美元的總價值（TVL）為49億美元。

However, the German exit signals the legal scrutiny that crypto platforms are facing in Europe.

但是，德國出口標誌著加密貨幣平台在歐洲面臨的法律審查。

BaFin and other regulatory authorities are assessing the stablecoins and yield-generating crypto products as they continue to develop and gain popularity.

Bafin和其他監管機構正在評估穩定劑，並在繼續發展並獲得受歡迎程度的同​​時，並產生產生的加密產品。