德國的Bafin命令Ethena停止USDE Stablecoin銷售，凍結儲量

德國的金融監管機構Bafin命令Ethena GmbH立即停止銷售其USDE Stablecoin和Freeze Reserves，理由是違反了Crypto-Assets法規（MICAR）的歐盟市場。由山姆·雷諾茲（Sam Reynolds）。 2024年4月18日上午1:13更新。

Germany’s financial watchdog, BaFin, has ordered Ethena GmbH to immediately halt sales of its USDe stablecoin and freeze the token’s reserves. The move comes after months of scrutiny over the project’s compliance with EU’s Markets in Crypto-Assets Regulation (MiCAR).

德國的金融監管機構巴芬（Bafin）已下令埃塞娜（Ethena）gmbh立即停止銷售其USDE Stablecoin並凍結令牌的儲量。此舉是在對該項目遵守加密資產管理（Micar）的歐盟市場遵守幾個月的審查之後進行的。

The March 21 directive follows an investigation that found Ethena GmbH to be in violation of MiCAR for selling USDe and sUSDe tokens without an approved prospectus. Moreover, BaFin identified potential violations of the German Securities Act, which could classify the tokens as unregistered securities.

3月21日指令進行了一項調查，該調查發現Ethena GmbH因未經批准的招股說明書而出售USDE和SUSDE代幣違反了Micar。此外，巴芬確定了對《德國證券法》的潛在違規行為，該法可能將令牌歸類為未註冊的證券。

In response to the breaches, BaFin instituted several measures, including freezing the reserves backing USDe, shutting down Ethena’s website and new client acquisition activities. However, secondary trading of Ethena’s tokens will remain unaffected by the regulator’s actions.

為了應對違規行為，巴芬制定了幾項措施，包括凍結儲備金支持USDE，關閉Ethena的網站和新的客戶獲取活動。但是，Ethena代幣的次要交易將不受監管機構的行為的影響。

The regulator’s actions are pertinent to Ethena’s strategy of issuing most of its USDe tokens under transitional rules before MiCAR came into effect. However, despite the large issuance volume, Ethena failed to meet the updated standards for ongoing token sales after MiCAR’s launch.

監管機構的行動與埃塞納（Ethena）在MACAR生效之前在過渡規則下發行其大多數USD代幣的戰略有關。然而，儘管發行量很大，但埃塞納仍未達到Micar推出後持續的代幣銷售的最新標準。

According to a report by Blockware, Ethena’s reliance on transitional rules for pre-MiCAR token issuance was insufficient, as BaFin found the company’s compliance framework inadequate for the updated regulations in 2023.

根據Blockware的一份報告，Ethena依賴Micar Prestrion發行的過渡規則不足，因為Bafin發現該公司的合規框架不足2023年的更新法規。

This finding is critical as it impacts the broader narrative of EU regulators cracking down on stablecoin transparency. Notably, MiCAR mandates complete transparency in stablecoin резерв and capital requirements. These efforts are geared toward prioritizing investor protection.

這一發現至關重要，因為它影響了歐盟監管機構對穩定透明度的更廣泛敘述。值得注意的是，MICAR要求在Stablecoin ut和資本要求方面具有完全透明度。這些努力旨在優先考慮投資者的保護。

What Ethena Has to Say About USDe

Ethena對USDE的看法

Ethena Labs responded to BaFin’s actions with a statement on X, where it expressed disappointment but maintained that USDe’s reserves are unaffected.

Ethena Labs對Bafin的行為作出了X上的說法，在X上表示失望，但堅持認為USDE的儲量不受影響。

The company clarified that its British Virgin Islands (BVI) entity, Ethena BVI Limited, continues to provide services for USDe minting and redemption.

該公司澄清說，其英屬維爾京群島（BVI）實體Ethena BVI Limited繼續為USDE鑄造和救贖提供服務。

Ethena further emphasized its commitment to regulatory compliance, highlighting that most of the 5.4 billion USDe tokens in circulation were issued outside Germany before MiCAR rules came into effect. However, BaFin’s decision has raised questions about the firm’s preparedness for the updated regulations.

Ethena進一步強調了其對監管合規性的承諾，強調指出，在MICAR規則生效之前，在德國以外發行了54億美元的USD代幣中的大多數。但是，巴芬的決定提出了有關公司為更新法規的準備的疑問。

Since the beginning of our journey, Ethena has been diligently exploring various options and jurisdictions around the world in search of the most suitable regulatory frameworks for our business to thrive. As a result of our efforts, we have carefully established multiple entities within our structure in multiple jurisdictions to handle the minting and redemption of USDe tokens. A MiCAR application is currently pending with another EU regulator. We are actively working with the regulator to process the application in a timely manner. Despite this setback, we are now exploring other interesting regulatory avenues in the EU to continue parts of our business in the long term. Our British Virgin Islands entity will continue to mint and redeem USDe tokens, and the token's peg to the dollar remains stable. We are also employing an algorithmic strategy for hedging purposes, which contributes to maintaining the stability of the USDe peg.

自從旅途開始以來，Ethena一直在努力探索世界各地的各種選擇和管轄區，以尋找最合適的監管框架，以供我們的業務蓬勃發展。由於我們的努力，我們已經在多個司法管轄區認真建立了我們結構內的多個實體，以處理USDE代幣的鑄造和贖回。當前正在與另一個歐盟監管機構一起申請MICAR應用程序。我們正在與監管機構積極合作，以及時處理應用程序。儘管有這種挫折，但我們現在仍在探索歐盟其他有趣的監管途徑，以長期繼續我們的業務。我們的英屬維爾京群島實體將繼續鑄造和贖回USDE代幣，而令牌的釘子仍然穩定。我們還採用算法策略來進行對沖，這有助於維持USDE PEG的穩定性。

Despite the setback, Ethena stated that it is exploring alternative regulatory frameworks to continue its operations. They said their British Virgin Islands (BVI) entity continues minting/redemption, claiming reserves are intact. The company also highlighted its reliance on algorithmic hedging to maintain USDe’s $1 peg, which has so far remained stable.

儘管遇到了挫折，但埃塞納（Ethena）表示，它正在探索替代性監管框架以繼續其運營。他們說，他們的英屬維爾京群島（BVI）實體繼續鑄造/救贖，聲稱儲量完好無損。該公司還強調了其對算法對沖的依賴，以維持USDE的$ 1 PEG，到目前為止，它一直穩定。

EU Stablecoin Rules Tighten Oversight

歐盟Stablecoin規則收緊監督

The EU’s MiCAR rules are set to increase scrutiny on stablecoins like USDe as part of broader efforts to safeguard users and financial systems. These tokens combine aspects of cryptocurrency with traditional money, sparking discussion about how best to ensure their safety and oversight.

歐盟的MICAR規則將對USDE等Stablecoins進行審查，這是維護用戶和金融系統的更廣泛努力的一部分。這些令牌將加密貨幣的各個方面與傳統資金相結合，引發了關於如何最好地確保其安全和監督的討論。

Experts have pointed out potential issues with Ethena’s approach, noting that the algorithmic methods used by the firm to maintain USDe’s peg could fail during periods of severe market stress.

專家指出了埃塞納（Ethena）方法的潛在問題，並指出該公司用於維持USDE PEG的算法方法在嚴重的市場壓力期間可能會失敗。

This factor is crucial as BaFin’s crackdown on Ethena showcases the EU’s broader focus on transparency in disclosed reserves and capital adequacy for stablecoins. These priorities are key components of MiCAR.

這一因素至關重要，因為巴芬對埃塞納的鎮壓表明歐盟更加關注披露的儲備金和穩定的資本充足性。這些優先級是Micar的關鍵組成部分。

On a global scale, regulators are taking steps to adjust and tighten regulations. In the United States, new legislation demands full reserves for all stablecoins. Meanwhile, Singapore is tightening rules on crypto firms for better control over token sales and redemption. These moves are part of a broader effort to mitigate the nascent risks in crypto markets and ensure greater accountability.

在全球範圍內，監管機構正在採取措施調整和收緊法規。在美國，新的立法要求所有穩定的儲備金。同時，新加坡正在收緊加密公司的規定，以更好地控制令牌銷售和贖回。這些舉動是減輕加密貨幣市場中新生風險並確保更大責任的更廣泛努力的一部分。