德国的巴芬（Bafin）暂停了Ethena GmbH的USDE代币的销售

德国的金融监管机构巴芬已针对Ethena GmbH的USDE代币采取了行动，将所有销售额暂停给公众。它列出了管理加密资产的欧盟Micar政权的许多违反。

Germany’s financial regulator BaFin has taken the unusual step of suspending the sale of Ethena GmbH’s stablecoin, USDe, to the public.

德国的金融监管机构巴芬（Bafin）采取了与众不同的步骤，将埃塞纳（Ethena Gmbh）的稳定股份公司USDE出售给公众。

The regulator highlighted a number of contraventions of the European Union’s MiCAR regime, which governs crypto assets.

监管机构强调了管理加密资产的欧盟Micar政权的许多违反。

Ethena GmbH, which applied for a license to operate a crypto service provider in July 2024, had failed to meet regulatory standards, particularly with regard to reserves for assets and compliance with capital requirements, according to BaFin.

据Bafin称，Ethena GmbH于2024年7月申请了经营加密服务提供商的许可，但未能符合监管标准，特别是关于资产储备和遵守资本要求的储备。

This prompted immediate supervisory action, with the agency instructing custodians to place Ethena GmbH’s asset reserves on hold. The move also saw the firm’s USDe issuance process halted.

这促使了立即的监督行动，该机构指示保管人暂停Ethena GmbH的资产储备。此举还使公司的USDE发行过程停止了。

However, despite using MiCAR’s transition provisions to gain access to the German marketplace, Ethena GmbH’s application has not been approved.

但是，尽管使用Micar的过渡规定来访问德国市场，但Ethena GmbH的申请尚未获得批准。

With approximately 5.4 billion USDe tokens outstanding, BaFin is now considering whether the firm issued unauthorized offerings of securities.

Bafin现在有大约54亿美元的USDE代币，现在正在考虑该公司是否签发了未经授权的证券产品。

While much of the issuance occurred before MiCAR came into force, BaFin asserts that the company ignored continuous authorization duties.

尽管大部分发行发生在Micar生效之前，但巴芬断言，该公司忽略了持续的授权职责。

Compliance Failures and Market Impact

合规性失败和市场影响

The regulator’s investigation reveals serious deficiencies regarding the company GmbH’s operations, especially its business organization and the asset-backed promise of stability for the stablecoin.

合规性失败和市场影响监管机构的调查表明，该公司的运营，尤其是其商业组织以及资产支持的稳定承诺的严重缺陷。

Ethena GmbH’s stablecoin, USDe, was meant to maintain parity with the dollar through a system of algorithmic hedging as compared to fiat reserves.

与菲亚特储备相比，埃塞纳（Ethena GmbH）的稳定股份公司USDE旨在通过算法对冲系统保持与美元的均衡。

However, regulators found that the company’s buffers of capital were inadequate, raising issues of investor protection.

但是，监管机构发现该公司的资本缓冲液不足，从而引发了投资者保护问题。

In response, BaFin imposed stringent actions, including barring the company from conducting new business and freezing token-related reserves. It has also appointed a special representative for compliance with Ethena GmbH.

作为回应，巴芬采取了严格的行动，包括禁止公司开展新业务和冻结与代币相关的储量。它还任命了一名特别代表，以遵守Ethena GmbH。

Secondary transactions of the USDe token will not be affected by this measure, but direct redemption through GmbH is temporarily suspended.

USDE代币的次要交易不会受到此措施的影响，但是通过GmbH的直接赎回被暂时暂停。

Holders of the USDe token are now awaiting updates, as the regulator’s proceedings may have further impact on the token’s liquidity.

USDE代币的持有人现在正在等待更新，因为监管机构的诉讼程序可能会进一步影响令牌的流动性。

Ethena GmbH’s troubles do not end with BaFin’s current restrictions. The regulator has also raised concerns regarding possible offenses related to the issuance of sUSDe tokens, which are backed against USDe holdings and offer additional returns.

Ethena GmbH的麻烦并没有以Bafin的当前限制结束。监管机构还对与Susde代币的发行有关的可能犯罪提出了担忧，后者会反对USDE Holdings并提供额外的回报。

If these tokens are deemed unregistered securities, Ethena GmbH might face further fines and enforcement measures.

如果这些令牌被认为是未注册的证券，则埃塞纳（Ethena Gmbh）可能会面临进一步的罚款和执法措施。

BaFin’s move represents a tightening noose on crypto regulation within the EU, particularly under MiCAR. The European Central Bank, European Banking Authority, and European Securities and Markets Authority are also expected to take note of the regulator’s actions.

巴芬的举动代表了欧盟内的加密调节的收紧绞索，尤其是在Micar下。欧洲中央银行，欧洲银行管理局以及欧洲证券和市场管理局还预计将注意监管机构的行动。

Ultimately, the outcome of Ethena GmbH’s licensing process will determine whether it will remain operational or face stricter regulatory punishment.

最终，Ethena GmbH许可过程的结果将决定它是否将保持运营或面临更严格的监管惩罚。