Ethena Labs将操作重新定位到监管审查中

Ethena Labs宣布已同意德国的金融监管机构Bafin，以关闭其子公司Ethena GmbH的所有活动。

Ethena Labs has announced that it has agreed with Germany’s financial regulator, BaFin, to shut down all activities of its subsidiary, Ethena GmbH. The company will no longer pursue MiCAR (Markets in Crypto-Assets Regulation) authorization in Germany.

Ethena Labs宣布已同意德国的金融监管机构Bafin，以关闭其子公司Ethena GmbH的所有活动。该公司将不再在德国寻求Micar（Crypto-Assets法规中的市场）。

Ethena Moves Operations to BVI Amid Regulatory Scrutiny

Ethena在监管审查中将操作移动到BVI

Ethena GmbH has suspended minting and redeeming activities starting from March 21, 2025 until now. Every operation now exists within Ethena (BVI) Limited, based in the British Virgin Islands as the firm relocated all its functions. Ethena’s services operate without any interruptions during the transition phase. The company officially stated to clients that its business operations were maintained at normal levels through the establishment of its new subsidiary entity.

从2025年3月21日起，埃塞纳（Ethena Gmbh）暂停了铸造和赎回活动。现在，该公司搬迁了所有职能，现在都存在于英属维尔京群岛的Ethena（BVI）Limited内的每个行动。在过渡阶段，Ethena的服务在没有任何中断的情况下运作。该公司正式向客户表示，其业务运营通过建立新的子公司实体维持正常水平。

All users who rented or minted with Ethena GmbH before transitioned to Ethena (BVI) Limited after the establishment of the new entity. According to the company statement, these users maintained no further business ties with Ethena GmbH. The new entity accepted these users through a process that enabled a smooth transition to occur.

在建立新实体后，所有在过渡到Ethena（BVI）Limited之前租用或铸造了Ethena GmbH的用户。根据公司声明，这些用户与Ethena GmbH没有任何进一步的业务联系。新实体通过一个可以使平稳过渡发生的过程接受了这些用户。

Ethena GmbH relocated its operations due to increased regulatory scrutiny from BaFin which acts as Germany’s financial supervisory authority. BaFin implemented precise measures against Ethena GmbH by prohibiting the public USDe token sale in March. The synthetic dollar token USDe violated the Market in Crypto-Assets Regulation (MiCAR) of the European Union. BaFin implemented its enforcement actions because Ethena violated EU regulations through unregistered securities sales.

Ethena GmbH因Bafin的监管审查增加而搬迁了其业务，该审查是德国的财务监管机构。巴芬通过禁止3月份公开的USDE代币销售实施了针对Ethena GmbH的精确措施。合成的美元代币USDE违反了欧盟加密资产管理法规（MICAR）市场。巴芬（Bafin）实施了执法行动，因为埃塞纳（Ethena）通过未注册的证券销售违反了欧盟法规。

According to BaFin’s investigation, multiple serious problems existed in Ethena’s token approval process and management procedures. Following this investigation, BaFin issued further restrictions that required the company to freeze its asset reserves. The company’s asset management functions were put under BaFin control while the supervisory body selected a special representative to verify the company’s adherence to every regulatory requirement.

根据巴芬的调查，Ethena的代币批准过程和管理程序中存在许多严重的问题。在此调查之后，巴芬发布了进一步的限制，要求公司冻结其资产储备。公司的资产管理职能受到Bafin的控制权，而监事机构选择了一名特别代表来验证公司对每项监管要求的遵守。

BaFin Priority Centered on Safeguarding Investors

Bafin优先级以保护投资者为中心

BaFin priority has centered on safeguarding investors while making sure Ethena upholds all established laws and regulations. This marks a significant challenge for Ethena Labs, which had been expanding its crypto operations in Europe.

Bafin优先事项集中在维护投资者的同时，同时确保Ethena坚持所有已建立的法律法规。这标志着Ethena Labs的一个重大挑战，Ethena Labs一直在扩大其在欧洲的加密运营。

Despite these challenges, the company Ethena Labs concentrates its activities outside of the German territory. Ethena (BVI) Limited became the company’s new corporate entity yet this move did not affect business operations or disrupt client services. The new entity inherited all clients who previously received Ethena GmbH services while continuing to deliver uninterrupted services to these clients.

尽管面临这些挑战，但该公司Ethena Labs将其活动集中在德国领土之外。 Ethena（BVI）有限公司成为该公司的新公司实体，但此举并没有影响业务运营或破坏客户服务。新实体继承了所有以前获得Ethena GmbH服务的客户，同时继续向这些客户提供不间断的服务。

Ethena Labs assumes a decision to terminate German activities after BaFin tightened its supervisory measures for cryptocurrency businesses across the entire country. Real-time regulatory enforcement by German authorities has increased in recent months toward crypto companies managing synthetic assets along with tokens which might qualify as securities.

埃塞纳（Ethena）实验室（Ethena Labs）决定在巴芬（Bafin）收紧全国加密货币业务的监督措施后，决定终止德国活动。最近几个月，德国当局的实时监管执法增加了加密公司，管理合成资产以及可能有资格为证券的代币。

The recent regulatory push in Europe against crypto companies has significantly affected Ethena through the new MiCAR regulations. Ethena faces difficulties under current regulatory frameworks that specify crypto industry standards because the company struggles particularly with token approvals and asset management procedures.

最近，欧洲对加密货币公司的监管推动力通过新的Micar法规极大地影响了乙烯。 Ethena在当前的监管框架下遇到困难，这些框架指定了加密行业标准，因为该公司尤其是在代币的批准和资产管理程序方面挣扎。

Ethena Labs will continue to experience regulatory oversight from regulators during its transition into the changing world of cryptocurrency policy. The German exit by the company represents one of many obstacles that cryptocurrency firms experience when trying to conduct business while adhering to different country-specific regulations.

Ethena Labs将在过渡到不断变化的加密货币政策世界期间继续经历监管机构的监管监督。该公司退出的德国退出代表了加密货币公司在遵守不同国家特定法规时试图开展业务时经历的众多障碍之一。

The activities of Ethena GmbH are now being closed down by Ethena Labs as the company ceases its pursuit of MiCAR authorization in Germany. Through its new provider Ethena (BVI) Limited, the company maintains operational stability for its clients. However, the company remains under the watchful eye of regulatory authorities as the crypto industry faces growing challenges in Europe.

Ethena GmbH的活动现在被Ethena Labs关闭，因为该公司停止了在德国进行MICAR授权的追求。通过其新的提供商Ethena（BVI）有限公司，该公司为客户维护了运营稳定性。但是，由于加密货币行业在欧洲面临越来越多的挑战，该公司仍处于监管当局的关注之下。