在监管压力的情况下，Ethena Labs离开德国

该公告是在巴芬指出Ethena的USDE Stablecoin中的“严重缺陷”之后发布的，其中包括其作为未注册的证券产品的分类。

Ethena, a decentralized finance (DeFi) protocol, will be winding down its operations in Germany amid regulatory pressure from the Federal Financial Supervisory Institution of Germany (BaFin).

Ethena是一项分散的金融协议（DEFI）协议，将在德国联邦金融监督机构（BAFIN）的监管压力下结束其在德国的行动。

The protocol announced that it will be migrating its German users to its British Virgin Islands (BVI) entity, Ethena BVI.

该协议宣布，它将将其德国用户迁移到其英属维尔京群岛（BVI）实体Ethena BVI。

This move comes after BaFin pointed out “serious deficiencies” in Ethena’s USDe stablecoin, which includes its classification as an unregistered securities product.

在巴芬指出Ethena的USDE Stablecoin中的“严重缺陷”之后，此举包括其作为未注册的证券产品的分类。

We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.

我们已经同意巴芬（Bafin）的同意，以限制Ethena GmbH的所有活动，并且将不再在德国寻求MICAR授权。

As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried…

如前所述，自2025年3月21日以来，Ethena GmbH从未进行过任何薄荷或赎回活动，并且所有活动都已进行…

output: Ethena, a leading decentralized finance (DeFi) player, will be winding up its German operations and pivoting to the British Virgin Islands (BVI) amid regulatory pressure from the Federal Financial Supervisory Institution of Germany (BaFin).

产出：埃塞纳（Ethena）是一位领先的分散财务（DEFI）球员，将在法规压力下，将其德国业务结束，并将其转向英属维尔京群岛（BVI）（BVI），来自德国联邦金融监督机构（Bafin）。

The protocol, which offers a stablecoin and yield-generating DeFi products, is shutting down its German subsidiary, Ethena GmbH, following a meeting with BaFin.

该协议提供了稳定的和产生的Defi产品，在与Bafin举行会议后，正在关闭其德国子公司Ethena GmbH。

This move comes after BaFin pointed out “serious deficiencies” in Ethena’s USDe stablecoin, which includes its classification as an unregistered securities product.

在巴芬指出Ethena的USDE Stablecoin中的“严重缺陷”之后，此举包括其作为未注册的证券产品的分类。

The regulator also highlighted the lack of MiCAR reporting by Ethena, rendering its German operations noncompliant with the country’s legal framework.

该监管机构还强调了埃塞纳（Ethena）缺乏质量报道，使其德国业务与该国的法律框架不合格。

The company announced that it will be migrating its German users to its BVI entity, Ethena BVI.

该公司宣布将将其德国用户迁移到其BVI实体Ethena BVI。

This transition is part of a major restructuring process the protocol is going through, which was ordered to suspend issuance of USDe in March 2025.

该过渡是该协议正在通过的重大重组过程的一部分，该过程被勒令在2025年3月中止USDE。

At the same time, Ethena is planning to expand in Europe through compliant channels.

同时，Ethena计划通过合规渠道在欧洲扩展。

"We are disappointed not to be able to continue operating in Germany at this time and to complete the MiCAR reporting process with BaFin under the new regulatory framework, which provides legal clarity for the European crypto sector," Ethena said in a statement on X.

Ethena在X上的一份声明中说：“我们很失望，目前无法继续在德国继续运营，并在新的监管框架下与Bafin一起完成了与Bafin的MACAR报告过程，该框架为欧洲加密货币部门提供了法律清晰度。”

The firm added that secondary market activity will remain unaffected and invited users to join its upcoming community call for more information.

该公司补充说，二级市场活动将不受影响，并邀请用户加入即将到来的社区呼吁以获取更多信息。

Despite the setback in Germany, Ethena appears to be making progress in other areas.

尽管在德国遇到了挫折，但埃塞纳似乎在其他领域取得了进展。

The protocol, which boasts a total value locked (TVL) of $4.9 billion, is among the top 10 DeFi protocols globally, according to DeFi Llama data.

根据Defi Llama的数据，该协议拥有49亿美元的总价值（TVL）为49亿美元。

However, the German exit signals the legal scrutiny that crypto platforms are facing in Europe.

但是，德国出口标志着加密货币平台在欧洲面临的法律审查。

BaFin and other regulatory authorities are assessing the stablecoins and yield-generating crypto products as they continue to develop and gain popularity.

Bafin和其他监管机构正在评估稳定剂，并在继续发展并获得受欢迎程度的同​​时，并产生产生的加密产品。