德國的巴芬（Bafin）暫停了Ethena GmbH的USDE代幣的銷售

德國的金融監管機構巴芬已針對Ethena GmbH的USDE代幣採取了行動，將所有銷售額暫停給公眾。它列出了管理加密資產的歐盟Micar政權的許多違反。

Germany’s financial regulator BaFin has taken the unusual step of suspending the sale of Ethena GmbH’s stablecoin, USDe, to the public.

德國的金融監管機構巴芬（Bafin）採取了與眾不同的步驟，將埃塞納（Ethena Gmbh）的穩定股份公司USDE出售給公眾。

The regulator highlighted a number of contraventions of the European Union’s MiCAR regime, which governs crypto assets.

監管機構強調了管理加密資產的歐盟Micar政權的許多違反。

Ethena GmbH, which applied for a license to operate a crypto service provider in July 2024, had failed to meet regulatory standards, particularly with regard to reserves for assets and compliance with capital requirements, according to BaFin.

據Bafin稱，Ethena GmbH於2024年7月申請了經營加密服務提供商的許可，但未能符合監管標準，特別是關於資產儲備和遵守資本要求的儲備。

This prompted immediate supervisory action, with the agency instructing custodians to place Ethena GmbH’s asset reserves on hold. The move also saw the firm’s USDe issuance process halted.

這促使了立即的監督行動，該機構指示保管人暫停Ethena GmbH的資產儲備。此舉還使公司的USDE發行過程停止了。

However, despite using MiCAR’s transition provisions to gain access to the German marketplace, Ethena GmbH’s application has not been approved.

但是，儘管使用Micar的過渡規定來訪問德國市場，但Ethena GmbH的申請尚未獲得批准。

With approximately 5.4 billion USDe tokens outstanding, BaFin is now considering whether the firm issued unauthorized offerings of securities.

Bafin現在有大約54億美元的USDE代幣，現在正在考慮該公司是否簽發了未經授權的證券產品。

While much of the issuance occurred before MiCAR came into force, BaFin asserts that the company ignored continuous authorization duties.

儘管大部分發行發生在Micar生效之前，但巴芬斷言，該公司忽略了持續的授權職責。

Compliance Failures and Market Impact

合規性失敗和市場影響

The regulator’s investigation reveals serious deficiencies regarding the company GmbH’s operations, especially its business organization and the asset-backed promise of stability for the stablecoin.

合規性失敗和市場影響監管機構的調查表明，該公司的運營，尤其是其商業組織以及資產支持的穩定承諾的嚴重缺陷。

Ethena GmbH’s stablecoin, USDe, was meant to maintain parity with the dollar through a system of algorithmic hedging as compared to fiat reserves.

與菲亞特儲備相比，埃塞納（Ethena GmbH）的穩定股份公司USDE旨在通過算法對沖系統保持與美元的均衡。

However, regulators found that the company’s buffers of capital were inadequate, raising issues of investor protection.

但是，監管機構發現該公司的資本緩衝液不足，從而引發了投資者保護問題。

In response, BaFin imposed stringent actions, including barring the company from conducting new business and freezing token-related reserves. It has also appointed a special representative for compliance with Ethena GmbH.

作為回應，巴芬採取了嚴格的行動，包括禁止公司開展新業務和凍結與代幣相關的儲量。它還任命了一名特別代表，以遵守Ethena GmbH。

Secondary transactions of the USDe token will not be affected by this measure, but direct redemption through GmbH is temporarily suspended.

USDE代幣的次要交易不會受到此措施的影響，但是通過GmbH的直接贖回被暫時暫停。

Holders of the USDe token are now awaiting updates, as the regulator’s proceedings may have further impact on the token’s liquidity.

USDE代幣的持有人現在正在等待更新，因為監管機構的訴訟程序可能會進一步影響令牌的流動性。

Ethena GmbH’s troubles do not end with BaFin’s current restrictions. The regulator has also raised concerns regarding possible offenses related to the issuance of sUSDe tokens, which are backed against USDe holdings and offer additional returns.

Ethena GmbH的麻煩並沒有以Bafin的當前限制結束。監管機構還對與Susde代幣的發行有關的可能犯罪提出了擔憂，後者會反對USDE Holdings並提供額外的回報。

If these tokens are deemed unregistered securities, Ethena GmbH might face further fines and enforcement measures.

如果這些令牌被認為是未註冊的證券，則埃塞納（Ethena Gmbh）可能會面臨進一步的罰款和執法措施。

BaFin’s move represents a tightening noose on crypto regulation within the EU, particularly under MiCAR. The European Central Bank, European Banking Authority, and European Securities and Markets Authority are also expected to take note of the regulator’s actions.

巴芬的舉動代表了歐盟內的加密調節的收緊絞索，尤其是在Micar下。歐洲中央銀行，歐洲銀行管理局以及歐洲證券和市場管理局還預計將注意監管機構的行動。

Ultimately, the outcome of Ethena GmbH’s licensing process will determine whether it will remain operational or face stricter regulatory punishment.

最終，Ethena GmbH許可過程的結果將決定它是否將保持運營或面臨更嚴格的監管懲罰。