德国的Bafin禁止公开出售Ethena Labs的USDE代币，以违规

监管机构禁止了埃塞纳（Ethena）的USDE代币（合成美元）的公开销售。该实体违反了欧盟的加密资产法规（MICAR）市场。

Germany’s financial watchdog, BaFin, has taken decisive action against Frankfurt-based crypto firm Ethena GmbH, shutting down the public sale of its USDe stablecoin, a synthetic dollar token.

德国的金融监管机构巴芬（Bafin）对总部位于法兰克福的加密货币公司Ethena GmbH采取了决定性的行动，并关闭了其USDE Stablecoin的公开销售，即合成美元代币。

The regulator, which granted permission for Ethena to continue operating under the European Union’s Markets in Crypto-Assets Regulation (MiCAR), has reason to believe that the entity was engaging in selling activities that were not covered by the granted permission.

该监管机构允许Ethena在Crypto-Assets法规（MICAR）的欧盟市场下继续运营，它有理由相信该实体正在从事销售未经许可的销售活动。

The supervisory authority BaFin has discovered severe flaws in the way Ethena approves its tokens. The regulatory authority commanded the company to maintain all its asset reserves frozen.

Bafin监督管理局以Ethena批准其令牌的方式发现了严重的缺陷。监管机构命令该公司维护其所有资产储备。

The supervisory authority BaFin both controlled the asset management authority of the company executives and designated a special compliance oversight representative. The regulatory actions focus on protecting investors as well as implementing regulations.

Bafin监督管理局既控制公司高管的资产管理机构，又指定了特殊的合规性监督代表。监管行动着重于保护投资者和实施法规。

Ethena Labs stated on the X platform that backing for USDe tokens continues without disruption. Users maintain the ability to exchange tokens through Ethena BVI Limited while BaFin imposes restrictions.

Ethena Labs在X平台上指出，支持USDE代币的支持并没有中断。用户保持通过Ethena BVI Limited交换令牌的能力，而Bafin施加了限制。

Ethena stated that the token stability is protected by an algorithm which implements hedging derivatives. BaFin has voiced concern about Ethena Labs’ capacity to comply with MiCAR requirements.

乙烯表示，令牌稳定性受到实现对冲衍生物的算法的保护。巴芬对Ethena Labs符合MICAR要求的能力表示关注。

Because it does not meet the requirements for asset reserve management and capital compliance.

因为它不符合资产储备管​​理和资本合规要求的要求。

BaFin Investigates sUSDe Tokens for EU Securities Breach

巴芬调查欧盟证券违规的苏斯德令牌

MiCAR came into effect in 2024 and stipulates that asset-referenced tokens must undergo and receive regulatory approval for public selling.

Micar于2024年生效，并规定资产提交的代币必须接受并获得监管部门的公共销售批准。

Ethena, together with other issuers, was granted permission to continue operating through a transition rule that approved ongoing activities but restricted new initiatives.

Ethena与其他发行人一起获得了通过过渡规则继续运营的许可，该规则批准了正在进行的活动，但限制了新计划。

Ethena submitted its authorization request to BaFin on July 29, 2024, but regulatory standards have now shown that the company failed to meet essential requirements for continuing operations.

Ethena于2024年7月29日向Bafin提交了授权请求，但监管标准现在表明该公司未能满足持续运营的基本要求。

Holders of USDe tokens should not try to exchange their tokens for direct payment from Ethena GmbH.

USDE代币的持有人不应试图将其令牌换成直接付款，以从Ethena Gmbh付款。

Trading activities on secondary markets remain unchanged. BaFin is carrying out an investigation into sUSDe linked tokens from Ethena because they generate extra value for token investors.

二级市场的交易活动保持不变。 Bafin正在对Ethena的Susde连接令牌进行调查，因为它们为代币投资者带来了额外的价值。

The regulator believes that the linked token meets EU security classifications, presenting additional legal challenges for Ethena.

监管机构认为，链接的令牌符合欧盟安全分类，对埃塞纳（Ethena）提出了其他法律挑战。

The regulatory actions by BaFin against Ethena highlight the increasing government oversight within the crypto market space.

巴芬对埃塞纳（Ethena）的监管行动强调了加密货币市场空间内政府的监督日益增长。

Businesses operating in cryptocurrency must ensure absolute compliance with legal regulations to avoid facing regulatory action from authorities.

在加密货币中运营的企业必须确保绝对遵守法律法规，以避免面对当局的监管行动。

Both the industry sector and Ethena will be observing BaFin’s response to the company, and any upcoming legal actions against Ethena.

行业部门和埃塞纳（Ethena）都将观察巴芬对公司的反应，以及即将对埃塞纳（Ethena）的任何法律行动。