Ethena Labs將操作重新定位到監管審查中

Ethena Labs宣布已同意德國的金融監管機構Bafin，以關閉其子公司Ethena GmbH的所有活動。

Ethena Labs has announced that it has agreed with Germany’s financial regulator, BaFin, to shut down all activities of its subsidiary, Ethena GmbH. The company will no longer pursue MiCAR (Markets in Crypto-Assets Regulation) authorization in Germany.

Ethena Labs宣布已同意德國的金融監管機構Bafin，以關閉其子公司Ethena GmbH的所有活動。該公司將不再在德國尋求Micar（Crypto-Assets法規中的市場）。

Ethena Moves Operations to BVI Amid Regulatory Scrutiny

Ethena在監管審查中將操作移動到BVI

Ethena GmbH has suspended minting and redeeming activities starting from March 21, 2025 until now. Every operation now exists within Ethena (BVI) Limited, based in the British Virgin Islands as the firm relocated all its functions. Ethena’s services operate without any interruptions during the transition phase. The company officially stated to clients that its business operations were maintained at normal levels through the establishment of its new subsidiary entity.

從2025年3月21日起，埃塞納（Ethena Gmbh）暫停了鑄造和贖回活動。現在，該公司搬遷了所有職能，現在都存在於英屬維爾京群島的Ethena（BVI）Limited內的每個行動。在過渡階段，Ethena的服務在沒有任何中斷的情況下運作。該公司正式向客戶表示，其業務運營通過建立新的子公司實體維持正常水平。

All users who rented or minted with Ethena GmbH before transitioned to Ethena (BVI) Limited after the establishment of the new entity. According to the company statement, these users maintained no further business ties with Ethena GmbH. The new entity accepted these users through a process that enabled a smooth transition to occur.

在建立新實體後，所有在過渡到Ethena（BVI）Limited之前租用或鑄造了Ethena GmbH的用戶。根據公司聲明，這些用戶與Ethena GmbH沒有任何進一步的業務聯繫。新實體通過一個可以使平穩過渡發生的過程接受了這些用戶。

Ethena GmbH relocated its operations due to increased regulatory scrutiny from BaFin which acts as Germany’s financial supervisory authority. BaFin implemented precise measures against Ethena GmbH by prohibiting the public USDe token sale in March. The synthetic dollar token USDe violated the Market in Crypto-Assets Regulation (MiCAR) of the European Union. BaFin implemented its enforcement actions because Ethena violated EU regulations through unregistered securities sales.

Ethena GmbH因Bafin的監管審查增加而搬遷了其業務，該審查是德國的財務監管機構。巴芬通過禁止3月份公開的USDE代幣銷售實施了針對Ethena GmbH的精確措施。合成的美元代幣USDE違反了歐盟加密資產管理法規（MICAR）市場。巴芬（Bafin）實施了執法行動，因為埃塞納（Ethena）通過未註冊的證券銷售違反了歐盟法規。

According to BaFin’s investigation, multiple serious problems existed in Ethena’s token approval process and management procedures. Following this investigation, BaFin issued further restrictions that required the company to freeze its asset reserves. The company’s asset management functions were put under BaFin control while the supervisory body selected a special representative to verify the company’s adherence to every regulatory requirement.

根據巴芬的調查，Ethena的代幣批准過程和管理程序中存在許多嚴重的問題。在此調查之後，巴芬發布了進一步的限制，要求公司凍結其資產儲備。公司的資產管理職能受到Bafin的控制權，而監事機構選擇了一名特別代表來驗證公司對每項監管要求的遵守。

BaFin Priority Centered on Safeguarding Investors

Bafin優先級以保護投資者為中心

BaFin priority has centered on safeguarding investors while making sure Ethena upholds all established laws and regulations. This marks a significant challenge for Ethena Labs, which had been expanding its crypto operations in Europe.

Bafin優先事項集中在維護投資者的同時，同時確保Ethena堅持所有已建立的法律法規。這標誌著Ethena Labs的一個重大挑戰，Ethena Labs一直在擴大其在歐洲的加密運營。

Despite these challenges, the company Ethena Labs concentrates its activities outside of the German territory. Ethena (BVI) Limited became the company’s new corporate entity yet this move did not affect business operations or disrupt client services. The new entity inherited all clients who previously received Ethena GmbH services while continuing to deliver uninterrupted services to these clients.

儘管面臨這些挑戰，但該公司Ethena Labs將其活動集中在德國領土之外。 Ethena（BVI）有限公司成為該公司的新公司實體，但此舉並沒有影響業務運營或破壞客戶服務。新實體繼承了所有以前獲得Ethena GmbH服務的客戶，同時繼續向這些客戶提供不間斷的服務。

Ethena Labs assumes a decision to terminate German activities after BaFin tightened its supervisory measures for cryptocurrency businesses across the entire country. Real-time regulatory enforcement by German authorities has increased in recent months toward crypto companies managing synthetic assets along with tokens which might qualify as securities.

埃塞納（Ethena）實驗室（Ethena Labs）決定在巴芬（Bafin）收緊全國加密貨幣業務的監督措施後，決定終止德國活動。最近幾個月，德國當局的實時監管執法增加了加密公司，管理合成資產以及可能有資格為證券的代幣。

The recent regulatory push in Europe against crypto companies has significantly affected Ethena through the new MiCAR regulations. Ethena faces difficulties under current regulatory frameworks that specify crypto industry standards because the company struggles particularly with token approvals and asset management procedures.

最近，歐洲對加密貨幣公司的監管推動力通過新的Micar法規極大地影響了乙烯。 Ethena在當前的監管框架下遇到困難，這些框架指定了加密行業標準，因為該公司尤其是在代幣的批准和資產管理程序方面掙扎。

Ethena Labs will continue to experience regulatory oversight from regulators during its transition into the changing world of cryptocurrency policy. The German exit by the company represents one of many obstacles that cryptocurrency firms experience when trying to conduct business while adhering to different country-specific regulations.

Ethena Labs將在過渡到不斷變化的加密貨幣政策世界期間繼續經歷監管機構的監管監督。該公司退出的德國退出代表了加密貨幣公司在遵守不同國家特定法規時試圖開展業務時經歷的眾多障礙之一。

The activities of Ethena GmbH are now being closed down by Ethena Labs as the company ceases its pursuit of MiCAR authorization in Germany. Through its new provider Ethena (BVI) Limited, the company maintains operational stability for its clients. However, the company remains under the watchful eye of regulatory authorities as the crypto industry faces growing challenges in Europe.

Ethena GmbH的活動現在被Ethena Labs關閉，因為該公司停止了在德國進行MICAR授權的追求。通過其新的提供商Ethena（BVI）有限公司，該公司為客戶維護了運營穩定性。但是，由於加密貨幣行業在歐洲面臨越來越多的挑戰，該公司仍處於監管當局的關注之下。