德国的金融监管机构在欧盟的新加密监管框架下首次重大执法，命令位于法兰克福的Ethena Gmbh关闭运营并清算其USDE StableCoin业务

这一决定是在更广泛的推动下对整个集团加密公司进行更严格的监督的。联邦金融监督管理局（BAFIN）发布了命令

Germany’s financial watchdog has made its first major enforcement move, ordering Frankfurt-based Ethena GmbH to shut down and liquidate its USDe stablecoin business.

德国的金融监管机构首次进行了重大执法，命令总部位于法兰克福的Ethena GmbH关闭并清算其USDE Stablecoin业务。

The Federal Financial Supervisory Authority (BaFin) is shutting down Ethena GmbH’s operations and liquidating its USDe stablecoin enterprise, the regulator announced on Monday. The move comes amid a broader push to impose tighter oversight on crypto firms.

监管机构周一宣布，联邦金融监督管理局（BAFIN）正在关闭Ethena GmbH的业务并清算其USDE Stablecoin Enterprise。此举是在更广泛的推动力对加密公司进行更严格的监督之中的。

The decision follows earlier supervisory sanctions imposed in March due to what BaFin called “serious deficiencies” in Ethena’s organizational setup and compliance with the Markets in Crypto-Assets Regulation (MiCA).

该决定是由于巴芬在埃塞纳组织的组织设置中所说的“严重缺陷”并遵守Crypto-Assets法规（MICA）的遵守情况，该决定于3月提出的早期监督制裁。

Ethena GmbH was granted permission to issue asset-referenced tokens in Germany, operating in accordance with the transitional provisions of MiCA. This framework allowed issuers that had already begun operations to continue doing so until their license applications were decided.

Ethena GmbH被允许根据MICA的过渡规定在德国签发资产引用的代币。该框架允许已经开始运营的发行人继续这样做，直到确定许可申请为止。

“Ethena GmbH applied for authorization in Germany after the new legal framework for the issuance of crypto-assets came into force in January 2024 with MiCA,” BaFin said.

巴芬说：“在新的法律框架发行加密资产的新法律框架之后，埃塞纳（Ethena）申请了德国的授权。

“We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany. As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried out by Ethena (BVI) Limited.”

“我们已经同意巴芬的同意，以结束Ethena GmbH的所有活动，并且将不再在德国寻求MICAR授权。正如先前所传达的那样，Ethena GmbH从2025年3月21日开始没有进行任何薄荷或赎回活动，并且所有活动已由Ethena（BVI）Limited进行。”

Ethena Labs, the firm behind synthetic stablecoin USDe, is shutting down its German subsidiary after financial watchdog BaFin ordered the closure and liquidation.

合成的Stablecoin USDE背后的公司Ethena Labs在金融监管机构Bafin下令关闭和清算后关闭其德国子公司。

Ethena GmbH had applied for full authorization under MiCA to continue issuing its dollar-pegged token. However, the company withdrew its license application on April 3, rendering its legal basis to operate in the EU null and void.

Ethena GmbH已在MICA下申请了全面授权，以继续发布其美元固定令牌。但是，该公司于4月3日撤回了其许可申请，其法律依据以在EU Null和Void中运作。

Following this, BaFin is now prohibiting further transactions and ordering a structured redemption of all circulating USDe tokens, a process that will be placed directly under the regulator’s supervision.

此后，巴芬现在禁止进一步交易，并订购了所有流通的USDE代币的结构化赎回，该过程将直接放在监管机构的监督下。

The move comes as part of a broader crackdown on crypto firms in Europe. Earlier this year, France’s financial regulator imposed sanctions on Meta for offering unregistered investment services via its blockchain initiative.

此举是对欧洲加密货币公司的更广泛镇压的一部分。今年早些时候，法国的金融监管机构对Meta实施了制裁，以通过其区块链计划提供未注册的投资服务。

Meanwhile, Italy’s financial regulator has reportedly opened an investigation into crypto exchange Binance for allegedly operating in the country without authorization.output: Germany's financial watchdog has ordered the closure and liquidation of Ethena GmbH's operations in the country, shutting down the subsidiary of synthetic stablecoin developer Ethena Labs.

同时，据报道，意大利的金融监管机构对涉嫌在该国经营的无授权运营的加密交易所托恩斯（Crypto Exchange Binance）进行了调查。输出：德国的金融监管机构已下令关闭Ethena GmbH在该国的运营，从而关闭了合成型稳态开发器Ethena Ethena Ethena Labs的子公司。

The move comes as part of a broader push to impose tighter oversight on crypto firms.

此举是为了对加密货币公司施加更严格的监督的更广泛努力的一部分。

The Federal Financial Supervisory Authority (BaFin) said it has imposed sanctions on Ethena GmbH for violations that arose during the company’s application for authorization under the Markets in Crypto-Assets Regulation (MiCA).

联邦金融监督管理局（BAFIN）表示，该公司对埃塞纳（Ethena）有限公司实施了制裁，因为该公司在公司在Crypto-Assets法规（MICA）中的授权申请期间违反了违法行为。

Earlier this year, BaFin had announced supervisory sanctions against Ethena GmbH for deficiencies in its organizational structure and capital endowment, particularly regarding asset segregation and the quality of reserves. These deficiencies affected the company's application for authorization under MiCA.

今年早些时候，巴芬（Bafin）宣布对Ethena GmbH的监督制裁，以了解其组织结构和资本捐赠中的缺陷，尤其是关于资产隔离和储备金质量。这些缺陷影响了公司在MICA下的授权申请。

Ethena GmbH was granted permission to issue asset-referenced tokens in accordance with the transitional provisions of MiCA. This framework allowed issuers who had already begun operations to continue doing so until their license applications were decided. Issuers that applied for authorization had until June 30, 2024, to transition to the new legal framework.

Ethena GmbH被允许根据MICA的过渡规定发布资产参考的代币。该框架允许已经开始运营的发行人继续这样做，直到确定其许可申请为止。申请授权的发行人必须在2024年6月30日之前过渡到新的法律框架。

However, Ethena GmbH applied for authorization in Germany after the new legal framework for the issuance of crypto-assets came into force in January 2024 with MiCA. Therefore, the transitional provisions no longer applied to the company.

但是，在新的法律框架发布加密资产的新法律框架后，埃塞纳（Ethena）GmbH申请了德国的授权。因此，过渡条款不再适用于公司。

“Consequently, the legal basis for Ethena GmbH’s business activities in Germany has ceased,” BaFin said.

巴芬说：“因此，埃塞纳（Ethena GmbH）在德国的商业活动的法律依据已经停止。”

The regulator has now prohibited Ethena GmbH from further transactions and ordered a structured redemption of all USDe tokens in circulation.

该监管机构现在禁止Ethena GmbH进行进一步的交易，并下令对所有USDE代币进行结构化赎回。

In addition to shutting down the company’s operations, BaFin has imposed a € 600,000 coercive penalty and froze Ethena’s ability to move or dispose of funds to ensure the payment of creditors' obligations.

除了关闭公司的业务外，巴芬还施加了60万欧元的强制性罚款，并冻结了埃塞纳（Ethena）搬家或处置资金的能力，以确保支付债权人的义务。

Ethena Labs has shifted all relevant users to a different entity, Ethena (BVI) Limited, and there is “no ongoing relationship” with the German subsidiary, the firm said.

该公司表示，Ethena Labs已将所有相关用户转移到其他实体Ethena（BVI）Limited，并且与德国子公司没有“持续的关系”。

The firm had already paused mint and redeem functions for USDe in March when BaFin first stepped in.

该公司在3月首次介入时已经暂停了USDE的薄荷和赎回功能。

Europe's Stablecoin Landscape Under MiCA

欧洲的Stablecoin景观

Ethena’s forced exit marks a significant development in the regulatory landscape for stablecoin issuers.

Ethena的强迫退出标志着Stablecoin发行人的监管格局的重大发展。

MiCA, which came into full force in January, requires issuers to maintain properly backed reserves, segregate user assets and submit regular reports. Issuers also need to meet strict capital requirements and maintain a robust organizational structure.

MICA于一月份全力实施，要求发行人保持适当支持的储量，隔离用户资产并提交定期报告。发行人还需要满足严格的资本要求并保持强大的组织结构。

According to regulators, that model is now under question. In its decision, BaFin found that Ethena GmbH failed to meet MiCA’

根据监管机构的说法，该模型现在受到质疑。在决定中，巴芬发现埃塞娜·吉姆（Ethena Gmbh）未能见到云母。