由於監管壓力，Ethena GmbH將終止德國的運營

由於監管壓力，以美元支持的Stablecoin USDE的創建者Ethena Gmbh將結束在德國的運營。

Ethena GmbH, the German firm behind dollar-backed stablecoin USDe, is shutting down in Germany due to regulatory pressure from BaFin, the main financial regulator of the Bundesrepublik.

埃特納（Ethena）埃塞納（Ethena）eThe gmbh是一家以美元支持的Stablecoin USDE背後的德國公司，由於Bafin的監管壓力，Bafin是BundesRepublik的主要金融監管機構Bafin的監管壓力，因此在德國關閉。

As explained by an official statement, Ethena, the company behind the fourth-largest stablecoin in terms of market capitalization, is shutting down in Germany following an order by the German authority. The company, based in Frankfurt and operating a layer 1 blockchain, is shutting down after BaFin, the German financial regulator, determined that the project was displaying serious deficiencies regarding crypto regulatory procedures.

正如官方聲明所解釋的那樣，就市值而言，第四大穩定幣背後的公司埃塞納（Ethena）根據德國當局的命令在德國關閉。該公司總部位於法蘭克福並運營著第1層區塊鏈，在德國金融監管機構巴芬（Bafin）確定該項目對加密監管程序表現出嚴重的缺陷。

According to the German financial institution, Ethena did not abide by local laws and regulations, and as a result, the financial institution imposed various restrictions on the crypto project, including a block on its asset reserves and website. These steps proved vital to ending Ethena’s operations in Germany. Following these actions, Ethena decided to change its name from Ethena GmbH to Ethena Limited, and move its operations to the British Virgin Islands, including its stablecoin USDe. They also stated that Ethena GmbH had not conducted any minting activity since they were issued a warning on March 21.

根據德國金融機構的說法，埃塞納（Ethena）並未遵守當地法律法規，因此，金融機構對加密項目施加了各種限制，其中包括其資產儲備和網站上的街區。這些步驟證明對結束埃塞納在德國的行動至關重要。在這些行動之後，埃塞納（Ethena）決定將其名字從埃塞納（Ethena）gmbh更改為埃特納（Ethena）有限公司，並將其運營轉移到包括穩定的USDE在內的英屬維爾京群島。他們還指出，自3月21日發出警告以來，Ethena GmbH沒有進行任何鑄造活動。

Part of what makes Europe a leader in crypto banking is its ability and commitment to regulating crypto entities. Despite the recent events surrounding crypto approval in America, Europe still leads in crypto banking, partly because America engaged in debanking activities, refusing bank loans for crypto startups, disabling an entire market for many years.

使歐洲成為加密貨幣銀行業領導者的一部分是其對監管加密實體的能力和承諾。儘管最近圍繞著美國加密貨幣批准的事件，但歐洲仍在加密銀行業務中領先，部分原因是美國從事撤銷活動，拒絕了加密貨幣初創公司的銀行貸款，這使整個市場失去了很多年。

Ethena has asserted that all users who minted their token have transitioned to their new entity, based in the British Virgin Islands, rather than Frankfurt. The company devised a process to facilitate the transition of users to the new entity, an effort undertaken to comply with the German regulatory directives.

埃塞納（Ethena）斷言，所有鑄造代幣的用戶都已經過渡到其位於英屬維爾京群島的新實體，而不是法蘭克福。該公司設計了一個程序，以促進用戶向新實體的過渡，這是遵守德國監管指令的努力。

The main regulatory body behind the decision, BaFin, decided that Ethena was acting like an unlicensed securities firm, especially about their staking process. Following this observation, BaFin took immediate action against Ethena, preventing the crypto project from continuing a public token sale of USDe. According to BaFin, USDe violated the provisions of the Markets in Financial Instruments Directive (MiFID II) and the German Banking Act (KWG). As a result, BaFin enforced the regulation by stamping down on the project.

該決定背後的主要監管機構巴芬（Bafin）決定埃塞納（Ethena）的行為就像一家無牌證券公司，尤其是關於其占有過程的行為。經過這一觀察，巴芬立即採取了對埃塞納的行動，阻止了加密項目繼續公開出售USDE。根據巴芬的說法，USD違反了金融工具指令（MIFID II）和《德國銀行法》（KWG）的市場規定。結果，巴芬通過在項目上蓋章來執行該法規。

MiCAR is a regulatory body of the European Union, which includes Germany. The crux of the matter comes down to Ethena, according to EU regulation, selling unlicensed securities. Ehere's statement: "In the course of the administrative action, it was determined that the tokens issued by Ethena in the course of its money-like claims and yield promises are covered by the legal definition of a security."

Micar是包括德國在內的歐盟的監管機構。根據歐盟法規，該問題的癥結歸因於埃塞納（Ethena）出售無牌證券。 Ehere的聲明：“在行政訴訟的過程中，確定埃塞納在其貨幣樣索賠和收益率的諾言過程中發行的代幣被擔保的法律定義所涵蓋。”

However, the EU had limited success in shutting down Ethena’s business model as the crypto project operates globally and was able to shift its customer base with minimal impact on its operations. BaFin continues to regulate the European crypto industry, focusing on ascertaining whether tokens come under unlicensed securities.

但是，由於加密項目在全球運作，並且能夠以最小的影響對其運營影響，因此歐盟在關閉Ethena的業務模式方面取得了有限的成功。巴芬繼續規範歐洲加密貨幣行業，重點是確定令牌是否屬於未經許可的證券。

Ethena attempted to release a USDe stablecoin that adhered to MiCAR requirements but failed to convince BaFin of the changes. As a result, BaFin banned Ethena from continuing to release securities in Germany.

Ethena試圖釋放一個符合MICAR要求的USDE Stablecoin，但未能說服Bafin的變化。結果，巴芬禁止埃塞納繼續在德國釋放證券。

Ehere's statement: "Finally, in order to be able to offer the crypto services envisaged by Ethena in Germany, they would also have required authorisation as a payment institution pursuant to Section 1 of the German Payment Services Act (ZPG). However, no such authorisation existed either."

Ehere的聲明：“最後，為了能夠提供德國Ethena設想的加密服務，他們還需要根據《德國支付服務法》（ZPG）第1條作為付款機構的授權。但是，也不存在此類授權。”

Ethena, meanwhile, has announced that they have not frozen any customer-owned assets. They did want to have their assets approved by BaFin, but didn’t know how long the German authorities would wait for them to improve their standards to conform to MiCAR requirements.

同時，埃塞納（Ethena）宣布，他們尚未凍結任何客戶擁有的資產。他們確實想讓巴芬批准其資產，但不知道德國當局將等待他們提高其標準以符合MICAR要求的時間。

"We also want to thank our community for their support during this time. We are confident that Ethena will continue to innovate and provide value to our users in the years to come," the company concluded.

該公司總結說：“我們還要感謝我們的社區在這段時間的支持。我們有信心埃塞納將繼續創新並為我們的用戶提供價值。”

The financial institution ultimately concluded that Ethena was most likely an unlicensed securities firm due to its yield-making process and potential for investors to profit.

金融機構最終得出結論，由於其產量生產過程和投資者的利潤，埃塞納很可能是一家無牌證券公司。

"The administrative action taken by BaFin is part of the consistent supervision of the crypto sector, which is assuming increasing importance. We are seeing a convergent development of EU and national law in this area. The European Union's regulation of crypto assets (MiCA) is also expected to come into force in 2024," the institution stated.

該機構說：“巴芬採取的行政行動是對加密貨幣部門的一致監督的一部分，該行業的重要性越來越重要。我們看到該領域的歐盟和國家法律的趨同發展。歐盟對加密貨幣資產（MICA）的監管也有望在2024年有效。”

MiCAR is transforming the crypto regulatory framework in Europe. Currently, MiCAR requires stablecoins to be fully backed by a reserve and to have regulatory approval.

Micar正在改變歐洲的加密監管框架。目前，Micar要求穩定的穩定劑得到儲備金的完全支持並獲得監管批准。