德國的金融監管機構在歐盟的新加密監管框架下首次重大執法，命令位於法蘭克福的Ethena Gmbh關閉運營並清算其USDE StableCoin業務

這一決定是在更廣泛的推動下對整個集團加密公司進行更嚴格的監督的。聯邦金融監督管理局（BAFIN）發布了命令

Germany’s financial watchdog has made its first major enforcement move, ordering Frankfurt-based Ethena GmbH to shut down and liquidate its USDe stablecoin business.

德國的金融監管機構首次進行了重大執法，命令總部位於法蘭克福的Ethena GmbH關閉並清算其USDE Stablecoin業務。

The Federal Financial Supervisory Authority (BaFin) is shutting down Ethena GmbH’s operations and liquidating its USDe stablecoin enterprise, the regulator announced on Monday. The move comes amid a broader push to impose tighter oversight on crypto firms.

監管機構週一宣布，聯邦金融監督管理局（BAFIN）正在關閉Ethena GmbH的業務並清算其USDE Stablecoin Enterprise。此舉是在更廣泛的推動力對加密公司進行更嚴格的監督之中的。

The decision follows earlier supervisory sanctions imposed in March due to what BaFin called “serious deficiencies” in Ethena’s organizational setup and compliance with the Markets in Crypto-Assets Regulation (MiCA).

該決定是由於巴芬在埃塞納組織的組織設置中所說的“嚴重缺陷”並遵守Crypto-Assets法規（MICA）的遵守情況，該決定於3月提出的早期監督制裁。

Ethena GmbH was granted permission to issue asset-referenced tokens in Germany, operating in accordance with the transitional provisions of MiCA. This framework allowed issuers that had already begun operations to continue doing so until their license applications were decided.

Ethena GmbH被允許根據MICA的過渡規定在德國簽發資產引用的代幣。該框架允許已經開始運營的發行人繼續這樣做，直到確定許可申請為止。

“Ethena GmbH applied for authorization in Germany after the new legal framework for the issuance of crypto-assets came into force in January 2024 with MiCA,” BaFin said.

巴芬說：“在新的法律框架發行加密資產的新法律框架之後，埃塞納（Ethena）申請了德國的授權。

“We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany. As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried out by Ethena (BVI) Limited.”

“我們已經同意巴芬的同意，以結束Ethena GmbH的所有活動，並且將不再在德國尋求MICAR授權。正如先前所傳達的那樣，Ethena GmbH從2025年3月21日開始沒有進行任何薄荷或贖回活動，並且所有活動已由Ethena（BVI）Limited進行。”

Ethena Labs, the firm behind synthetic stablecoin USDe, is shutting down its German subsidiary after financial watchdog BaFin ordered the closure and liquidation.

合成的Stablecoin USDE背後的公司Ethena Labs在金融監管機構Bafin下令關閉和清算後關閉其德國子公司。

Ethena GmbH had applied for full authorization under MiCA to continue issuing its dollar-pegged token. However, the company withdrew its license application on April 3, rendering its legal basis to operate in the EU null and void.

Ethena GmbH已在MICA下申請了全面授權，以繼續發布其美元固定令牌。但是，該公司於4月3日撤回了其許可申請，其法律依據以在EU Null和Void中運作。

Following this, BaFin is now prohibiting further transactions and ordering a structured redemption of all circulating USDe tokens, a process that will be placed directly under the regulator’s supervision.

此後，巴芬現在禁止進一步交易，並訂購了所有流通的USDE代幣的結構化贖回，該過程將直接放在監管機構的監督下。

The move comes as part of a broader crackdown on crypto firms in Europe. Earlier this year, France’s financial regulator imposed sanctions on Meta for offering unregistered investment services via its blockchain initiative.

此舉是對歐洲加密貨幣公司的更廣泛鎮壓的一部分。今年早些時候，法國的金融監管機構對Meta實施了製裁，以通過其區塊鏈計劃提供未註冊的投資服務。

Meanwhile, Italy’s financial regulator has reportedly opened an investigation into crypto exchange Binance for allegedly operating in the country without authorization.output: Germany's financial watchdog has ordered the closure and liquidation of Ethena GmbH's operations in the country, shutting down the subsidiary of synthetic stablecoin developer Ethena Labs.

同時，據報導，意大利的金融監管機構對涉嫌在該國經營的無授權運營的加密交易所託恩斯（Crypto Exchange Binance）進行了調查。輸出：德國的金融監管機構已下令關閉Ethena GmbH在該國的運營，從而關閉了合成穩定的stablecoin開發者Ethena Ethena Labs的子公司。

The move comes as part of a broader push to impose tighter oversight on crypto firms.

此舉是為了對加密貨幣公司施加更嚴格的監督的更廣泛努力的一部分。

The Federal Financial Supervisory Authority (BaFin) said it has imposed sanctions on Ethena GmbH for violations that arose during the company’s application for authorization under the Markets in Crypto-Assets Regulation (MiCA).

聯邦金融監督管理局（BAFIN）表示，該公司對埃塞納（Ethena）有限公司實施了製裁，因為該公司在公司在Crypto-Assets法規（MICA）中的授權申請期間違反了違法行為。

Earlier this year, BaFin had announced supervisory sanctions against Ethena GmbH for deficiencies in its organizational structure and capital endowment, particularly regarding asset segregation and the quality of reserves. These deficiencies affected the company's application for authorization under MiCA.

今年早些時候，巴芬（Bafin）宣布對Ethena GmbH的監督制裁，以了解其組織結構和資本捐贈中的缺陷，尤其是關於資產隔離和儲備金質量。這些缺陷影響了公司在MICA下的授權申請。

Ethena GmbH was granted permission to issue asset-referenced tokens in accordance with the transitional provisions of MiCA. This framework allowed issuers who had already begun operations to continue doing so until their license applications were decided. Issuers that applied for authorization had until June 30, 2024, to transition to the new legal framework.

Ethena GmbH被允許根據MICA的過渡規定發布資產參考的代幣。該框架允許已經開始運營的發行人繼續這樣做，直到確定其許可申請為止。申請授權的發行人必須在2024年6月30日之前過渡到新的法律框架。

However, Ethena GmbH applied for authorization in Germany after the new legal framework for the issuance of crypto-assets came into force in January 2024 with MiCA. Therefore, the transitional provisions no longer applied to the company.

但是，在新的法律框架發布加密資產的新法律框架後，埃塞納（Ethena）GmbH申請了德國的授權。因此，過渡條款不再適用於公司。

“Consequently, the legal basis for Ethena GmbH’s business activities in Germany has ceased,” BaFin said.

巴芬說：“因此，埃塞納（Ethena GmbH）在德國的商業活動的法律依據已經停止。”

The regulator has now prohibited Ethena GmbH from further transactions and ordered a structured redemption of all USDe tokens in circulation.

該監管機構現在禁止Ethena GmbH進行進一步的交易，並下令對所有USDE代幣進行結構化贖回。

In addition to shutting down the company’s operations, BaFin has imposed a € 600,000 coercive penalty and froze Ethena’s ability to move or dispose of funds to ensure the payment of creditors' obligations.

除了關閉公司的業務外，巴芬還施加了60萬歐元的強制性罰款，並凍結了埃塞納（Ethena）搬家或處置資金的能力，以確保支付債權人的義務。

Ethena Labs has shifted all relevant users to a different entity, Ethena (BVI) Limited, and there is “no ongoing relationship” with the German subsidiary, the firm said.

該公司表示，Ethena Labs已將所有相關用戶轉移到其他實體Ethena（BVI）Limited，並且與德國子公司沒有“持續的關係”。

The firm had already paused mint and redeem functions for USDe in March when BaFin first stepped in.

該公司在3月首次介入時已經暫停了USDE的薄荷和贖回功能。

Europe's Stablecoin Landscape Under MiCA

歐洲的Stablecoin景觀

Ethena’s forced exit marks a significant development in the regulatory landscape for stablecoin issuers.

Ethena的強迫退出標誌著Stablecoin發行人的監管格局的重大發展。

MiCA, which came into full force in January, requires issuers to maintain properly backed reserves, segregate user assets and submit regular reports. Issuers also need to meet strict capital requirements and maintain a robust organizational structure.

MICA於一月份全力實施，要求發行人保持適當支持的儲量，隔離用戶資產並提交定期報告。發行人還需要滿足嚴格的資本要求並保持強大的組織結構。

According to regulators, that model is now under question. In its decision, BaFin found that Ethena GmbH failed to meet MiCA’

根據監管機構的說法，該模型現在受到質疑。在決定中，巴芬發現埃塞娜·吉姆（Ethena Gmbh）未能見到雲母。