Bafin下令立即停止USD代币公开销售

巴芬是德国联邦财务监督管理局，已下令立即停止公开出售USDE代币，USDE代币是该公司Ethena GmbH公司发行的合成货币。

The Federal Financial Supervisory Authority (BaFin) has ordered the immediate cessation of the public sale of the USDe token, a synthetic currency issued by the company Ethena GmbH.

联邦金融监督管理局（BAFIN）已下令立即停止公开出售USDE令牌，USDE代币是由Ethena GmbH公司发行的合成货币。

The decision follows alleged violations of the European regulation on cryptocurrency markets (MiCAR), highlighting a failure to comply with administrative obligations.

该决定涉嫌违反欧洲对加密货币市场（MICAR）的规定，强调未能遵守行政义务。

In response, BaFin has frozen the reserves that support the token and imposed the closure of the company’s website. However, secondary sales of the token will not be affected.

作为回应，巴芬冻结了支持令牌的储备，并强加了公司网站的关闭。但是，令牌的次要销售不会受到影响。

Violations of European regulations and measures taken by BaFin for the USDe token of Ethena GmbH

违反欧洲法规和巴芬为USDE eTken of Ethena GmbH所采取的措施

违反欧洲法规和巴芬为USDE eTken of Ethena GmbH所采取的措施

BaFin has issued an order that enforces the immediate suspension of the primary sale of the USDe token, highlighting several issues in the regulatory requirements followed by the company Ethena GmbH.

巴芬发出了一项命令，该命令立即停用了USDE代币的主要出售，强调了监管要求中的几个问题，其后是Ethena GmbH公司。

According to the official statement, the regulator has identified a possible violation of European financial securities regulations, and believes that the token was marketed without the necessary information prospectus required by the MiCAR (Markets in Crypto-Assets Regulation).

根据官方声明，监管机构已经确定了可能违反欧洲金融证券法规的行为，并认为该令牌是在没有Micar要求的必要信息招股说明书（Crypto-Assets Congulation中的市场）上市的。

In addition to the sales ban, BaFin has also ordered:

除了销售禁令外，巴芬还订购了：

* The closure of the company’s website and social media channels.

*关闭公司网站和社交媒体渠道。

* The freezing of the reserves supporting the USDe token.

*支持USDE代币的储备的冻结。

* A complete cessation of all advertising activity for the token.

*完全停止令牌的所有广告活动。

* The cancellation of any events organized by Ethena GmbH to promote the USDe token.

*取消了埃塞纳（Ethena）gmbH组织以促进USDE代币的任何事件。

These measures are aimed at mitigating investor risks and ensuring that the cryptocurrency market operates in accordance with the current regulations in the European Union.

这些措施旨在减轻投资者的风险，并确保加密货币市场按照欧盟当前的法规运作。

According to BaFin, the issue does not concern only the USDe token, but also its linked version, the sUSDe.

根据巴芬的说法，该问题不仅涉及USDE代币，而且还涉及其链接版本Susde。

The regulator explained that the two assets are closely connected in a reciprocal exchange mechanism, where investors can obtain the sUSDe tokens in exchange for USDe.

监管机构解释说，这两个资产在相互交换机制中密切相关，在该机制中，投资者可以在这里获得SUSDE令牌以换取USDE。

BaFin stated that it has reasonable suspicion that Ethena GmbH marketed the sUSDe tokens as financial instruments without the required prospectus.

巴芬表示，它有合理的怀疑是，埃塞纳（Ethena GmbH）将苏斯德令牌作为金融工具销售，而没有所需的招股说明书。

This type of violation represents a serious infringement of European financial market laws, which mandate strict rules on transparency and investor protection.

这种类型的违规代表了欧洲金融市场法的严重侵犯，这规定了有关透明度和投资者保护的严格规定。

The impact on the markets and the position of BaFin

对市场的影响和巴芬的位置

对市场的影响和巴芬的位置

Despite the ban on primary sales, BaFin clarified that transactions of USDe and sUSDe in secondary markets will not be affected.

尽管禁止初级销售，但巴芬澄清说，在二级市场中的USDE和SUSDE交易不会受到影响。

This implies that users will still be able to exchange tokens among themselves without direct implications on decentralized trading platforms or on third-party exchange.

这意味着用户仍然可以在彼此之间交换代币，而不会直接对分散交易平台或第三方交易所产生直接影响。

However, the measure launched by BaFin once again sheds light on the growing attention of European regulators in monitoring the cryptocurrency market.

但是，巴芬（Bafin）发起的措施再次阐明了欧洲监管机构在监测加密货币市场时日益增长的关注。

With the entry into force of the MiCAR regulation, the European Union is adopting stricter policies to ensure that digital assets comply with regulations similar to those applied to traditional financial instruments.

随着MICAR法规的生效，欧盟正在采取更严格的政策，以确保数字资产符合与传统金融工具相似的法规。

The decision of BaFin sends a clear signal to the cryptocurrency industry: European authorities are intensifying controls to verify that digital tokens adhere to financial market regulations.

巴芬的决定向加密货币行业发出了明确的信号：欧洲当局正在加强控制措施，以验证数字代币遵守金融市场法规。

This case could pave the way for further interventions by regulators on other crypto initiatives that fail to meet the requirements set by MiCAR.

此案可以为监管机构对其他无法满足Micar要求的其他加密计划的进一步干预铺平道路。

Ethena GmbH will now have to face the consequences of its alleged violations and may be forced to fully comply with European regulations to resume its operations.

Ethena GmbH现在将不得不面对其所谓的违法行为的后果，并可能被迫完全遵守欧洲法规以恢复其行动。

At present, there are no official statements from the company Ethena GmbH concerning this measure. However, the matter remains in development and further details may emerge in the coming days.

目前，该措施尚无有关该措施的Ethena GmbH公司的官方声明。但是，此事仍在开发中，未来几天可能会出现进一步的细节。