Bafin暂停了Ethena GmbH发行的USDE代币的公共销售

德国金融监管局巴芬已下令停止Ethena GmbH发行的所有公共销售USDE代币。

The German financial regulatory authority, BaFin, has ordered a suspension of all public sales of the USDe token issued by Ethena GmbH.

德国金融监管局巴芬已下令暂停Ethena GmbH发行的USDE代币的所有公共销售。

According to a statement by BaFin on Friday, the decision to halt the token sales follows concerns that the token violates European Union regulations and could be deemed an unregistered security.

根据巴芬周五的一份声明，决定停止代币销售的决定遵循令牌违反欧盟法规的担忧，可以被视为未注册的安全性。

Located in Frankfurt, Ethena GmbH has been developing a stablecoin that is pegged to the US dollar. The regulator began examining the token after it was launched in June 2024.

Ethena GmbH位于法兰克福，一直在开发一种与美元挂钩的Stablecoin。监管机构于2024年6月推出后开始检查令牌。

During the course of the investigation, BaFin has accused Ethena GmbH of significant compliance failures, ultimately leading to the ban on the primary offering of the token.

在调查过程中，巴芬指责埃塞娜（Ethena）gmbh犯有重大合规性失败，最终导致禁止代币的主要产品。

BaFin Halts USDe Token Sales by Ethena GmbH

Bafin停止了Ethena GmbH的USDE代币销售

Bafin停止了Ethena GmbH的USDE代币销售

In its order, BaFin has instructed Ethena GmbH to cease selling the USDe token to the public. The German regulator has also imposed restrictions on the company’s use of the reserves to support the token and has closed the online platform that the firm was using.

巴芬通过命令指示埃塞纳（Ethena）gmbh停止向公众出售USDE代币。德国监管机构还对公司使用储量支持代币的限制施加了限制，并关闭了公司使用的在线平台。

Moreover, Echina GmbH will not be able to accept any new customers, as BaFin has prohibited it from doing so. These measures are designed to slow down the development of events relative to the legal rules set by MiCAR.

此外，echina gmbh将无法接受任何新客户，因为巴芬禁止这样做。这些措施旨在减慢与Micar设定的法律规则相对于事件的发展。

Consequently, in its announcement, BaFin has expressed concerns regarding the matter in which Ethena GmbH offered securities without prior registration in Germany.

因此，巴芬在公告中对Ethena GmbH提供证券而没有事先在德国注册的情况表示担忧。

According to BaFin, the company is selling securities without a prospectus, a violation of German Securities Law. The regulator also mentioned the USDe token, which is a synthetic dollar and is linked to another token, sUSDe. This interconnection could deepen the regulation issue even more.

根据巴芬的说法，该公司正在出售没有招股说明书的证券，违反了德国证券法。监管机构还提到了USDE令牌，该令牌是合成美元，与另一个令牌Susde相关。这种互连可能会进一步加深法规问题。

Investigation of Token Issuance Process

代币发行过程的调查

代币发行过程的调查

As part of its statement, BaFin noted that Ethena GmbH failed to follow some of the standard procedures in its approval process for issuing the USDe tokens.

作为其声明的一部分，巴芬指出，埃塞纳（Ethena Gmbh）在批准过程中未能遵循发行USDE代币的一些标准程序。

The first question that arises is the lack of compliance with MiCAR, the new regulation of the European Union on crypto-assets. According to BaFin, the company failed to meet crucial requirements such as providing the necessary asset reserves and adhering to capital standards.

出现的第一个问题是缺乏遵守欧盟加密资产联盟的新法规Micar。根据巴芬的说法，该公司未能满足至关重要的要求，例如提供必要的资产储备并遵守资本标准。

The regulator’s action falls under its oversight responsibilities assigned by MiCAR, which is focused on bringing stability and transparency to the crypto market.

监管机构的行动属于Micar分配的监督责任，该责任的重点是将稳定性和透明度带到加密市场。

Ethena GmbH had applied for regulatory approval of the USDe token under MiCAR. However, BaFin previously raised concerns about the company’s business organization and its ability to meet the standards set by the regulation.

Ethena GmbH已申请了Micar下的USD代币的监管批准。但是，巴芬先前对公司的业务组织及其满足法规设定的标准的能力提出了担忧。

The regulator also pointed out that some of the tokens were issued before MiCAR came into effect, which could further complicate the approval process.

监管机构还指出，一些令牌是在Micar生效之前发行的，这可能会使批准过程更加复杂。

As part of the regulatory measures, BaFin has moved to freeze the reserve assets of Ethena GmbH, which are used to support the USDe token. This will affect customers who may wish to redeem their tokens.

作为监管措施的一部分，巴芬（Bafin）已提出冻结用于支持USDE代币的Ethena GmbH的储备资产。这将影响可能希望赎回其令牌的客户。

The company’s platform for redeeming the tokens has been temporarily blocked as a result of the regulator’s actions. However, the suspension only applies to new sales and redemptions, while the secondary market for the token remains unaffected.

该公司赎回令牌的平台由于监管机构的行动而暂时被阻止。但是，暂停仅适用于新的销售和赎回，而令牌的二级市场仍然不受影响。

To oversee the situation and ensure compliance with the regulator’s directives, BaFin has appointed a special representative.

为了监督情况并确保遵守监管机构的指示，巴芬任命了一名特别代表。

The regulator is continuing to review the case and will provide further updates once the licensing process is concluded. BaFin has also made it clear that it is actively working with other European bodies like the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA) to address any potential issues regarding the USDe token.

监管机构正在继续审查此案，并在确定许可过程后将提供进一步的更新。巴芬还明确表示，它正在与欧洲央行（ECB）和欧洲证券和市场管理局（ESMA）等其他欧洲机构积极合作，以解决有关USDE代币的任何潜在问题。