由于监管压力，Ethena GmbH将终止德国的运营

由于监管压力，以美元支持的Stablecoin USDE的创建者Ethena Gmbh将结束在德国的运营。

Ethena GmbH, the German firm behind dollar-backed stablecoin USDe, is shutting down in Germany due to regulatory pressure from BaFin, the main financial regulator of the Bundesrepublik.

埃特纳（Ethena）埃塞纳（Ethena）eThe gmbh是一家以美元支持的Stablecoin USDE背后的德国公司，由于Bafin的监管压力，Bafin是BundesRepublik的主要金融监管机构Bafin的监管压力，因此在德国关闭。

As explained by an official statement, Ethena, the company behind the fourth-largest stablecoin in terms of market capitalization, is shutting down in Germany following an order by the German authority. The company, based in Frankfurt and operating a layer 1 blockchain, is shutting down after BaFin, the German financial regulator, determined that the project was displaying serious deficiencies regarding crypto regulatory procedures.

正如官方声明所解释的那样，就市值而言，第四大稳定币背后的公司埃塞纳（Ethena）根据德国当局的命令在德国关闭。该公司总部位于法兰克福并运营着第1层区块链，在德国金融监管机构巴芬（Bafin）确定该项目对加密监管程序表现出严重的缺陷。

According to the German financial institution, Ethena did not abide by local laws and regulations, and as a result, the financial institution imposed various restrictions on the crypto project, including a block on its asset reserves and website. These steps proved vital to ending Ethena’s operations in Germany. Following these actions, Ethena decided to change its name from Ethena GmbH to Ethena Limited, and move its operations to the British Virgin Islands, including its stablecoin USDe. They also stated that Ethena GmbH had not conducted any minting activity since they were issued a warning on March 21.

根据德国金融机构的说法，埃塞纳（Ethena）并未遵守当地法律法规，因此，金融机构对加密项目施加了各种限制，其中包括其资产储备和网站上的街区。这些步骤证明对结束埃塞纳在德国的行动至关重要。在这些行动之后，埃塞纳（Ethena）决定将其名字从埃塞纳（Ethena）gmbh更改为埃特纳（Ethena）有限公司，并将其运营转移到包括稳定的USDE在内的英属维尔京群岛。他们还指出，自3月21日发出警告以来，Ethena GmbH没有进行任何铸造活动。

Part of what makes Europe a leader in crypto banking is its ability and commitment to regulating crypto entities. Despite the recent events surrounding crypto approval in America, Europe still leads in crypto banking, partly because America engaged in debanking activities, refusing bank loans for crypto startups, disabling an entire market for many years.

使欧洲成为加密货币银行业领导者的一部分是其对监管加密实体的能力和承诺。尽管最近围绕着美国加密货币批准的事件，但欧洲仍在加密银行业务中领先，部分原因是美国从事撤销活动，拒绝了加密货币初创公司的银行贷款，这使整个市场失去了很多年。

Ethena has asserted that all users who minted their token have transitioned to their new entity, based in the British Virgin Islands, rather than Frankfurt. The company devised a process to facilitate the transition of users to the new entity, an effort undertaken to comply with the German regulatory directives.

埃塞纳（Ethena）断言，所有铸造代币的用户都已经过渡到其位于英属维尔京群岛的新实体，而不是法兰克福。该公司设计了一个程序，以促进用户向新实体的过渡，这是遵守德国监管指令的努力。

The main regulatory body behind the decision, BaFin, decided that Ethena was acting like an unlicensed securities firm, especially about their staking process. Following this observation, BaFin took immediate action against Ethena, preventing the crypto project from continuing a public token sale of USDe. According to BaFin, USDe violated the provisions of the Markets in Financial Instruments Directive (MiFID II) and the German Banking Act (KWG). As a result, BaFin enforced the regulation by stamping down on the project.

该决定背后的主要监管机构巴芬（Bafin）决定埃塞纳（Ethena）的行为就像一家无牌证券公司，尤其是关于其占有过程的行为。经过这一观察，巴芬立即采取了对埃塞纳的行动，阻止了加密项目继续公开出售USDE。根据巴芬的说法，USD违反了金融工具指令（MIFID II）和《德国银行法》（KWG）的市场规定。结果，巴芬通过在项目上盖章来执行该法规。

MiCAR is a regulatory body of the European Union, which includes Germany. The crux of the matter comes down to Ethena, according to EU regulation, selling unlicensed securities. Ehere's statement: "In the course of the administrative action, it was determined that the tokens issued by Ethena in the course of its money-like claims and yield promises are covered by the legal definition of a security."

Micar是包括德国在内的欧盟的监管机构。根据欧盟法规，该问题的症结归因于埃塞纳（Ethena）出售无牌证券。 Ehere的声明：“在行政诉讼的过程中，确定埃塞纳在其货币样索赔和收益率的诺言过程中发行的代币被担保的法律定义所涵盖。”

However, the EU had limited success in shutting down Ethena’s business model as the crypto project operates globally and was able to shift its customer base with minimal impact on its operations. BaFin continues to regulate the European crypto industry, focusing on ascertaining whether tokens come under unlicensed securities.

但是，由于加密项目在全球运作，并且能够以最小的影响对其运营影响，因此欧盟在关闭Ethena的业务模式方面取得了有限的成功。巴芬继续规范欧洲加密货币行业，重点是确定令牌是否属于未经许可的证券。

Ethena attempted to release a USDe stablecoin that adhered to MiCAR requirements but failed to convince BaFin of the changes. As a result, BaFin banned Ethena from continuing to release securities in Germany.

Ethena试图释放一个符合MICAR要求的USDE Stablecoin，但未能说服Bafin的变化。结果，巴芬禁止埃塞纳继续在德国释放证券。

Ehere's statement: "Finally, in order to be able to offer the crypto services envisaged by Ethena in Germany, they would also have required authorisation as a payment institution pursuant to Section 1 of the German Payment Services Act (ZPG). However, no such authorisation existed either."

Ehere的声明：“最后，为了能够提供德国Ethena设想的加密服务，他们还需要根据《德国支付服务法》（ZPG）第1条作为付款机构的授权。但是，也不存在此类授权。”

Ethena, meanwhile, has announced that they have not frozen any customer-owned assets. They did want to have their assets approved by BaFin, but didn’t know how long the German authorities would wait for them to improve their standards to conform to MiCAR requirements.

同时，埃塞纳（Ethena）宣布，他们尚未冻结任何客户拥有的资产。他们确实想让巴芬批准其资产，但不知道德国当局将等待他们提高其标准以符合MICAR要求的时间。

"We also want to thank our community for their support during this time. We are confident that Ethena will continue to innovate and provide value to our users in the years to come," the company concluded.

该公司总结说：“我们还要感谢我们的社区在这段时间的支持。我们有信心埃塞纳将继续创新并为我们的用户提供价值。”

The financial institution ultimately concluded that Ethena was most likely an unlicensed securities firm due to its yield-making process and potential for investors to profit.

金融机构最终得出结论，由于其产量生产过程和投资者的利润，埃塞纳很可能是一家无牌证券公司。

"The administrative action taken by BaFin is part of the consistent supervision of the crypto sector, which is assuming increasing importance. We are seeing a convergent development of EU and national law in this area. The European Union's regulation of crypto assets (MiCA) is also expected to come into force in 2024," the institution stated.

该机构说：“巴芬采取的行政行动是对加密货币部门的一致监督的一部分，该行业的重要性越来越重要。我们看到该领域的欧盟和国家法律的趋同发展。欧盟对加密货币资产（MICA）的监管也有望在2024年有效。”

MiCAR is transforming the crypto regulatory framework in Europe. Currently, MiCAR requires stablecoins to be fully backed by a reserve and to have regulatory approval.

Micar正在改变欧洲的加密监管框架。目前，Micar要求稳定的稳定剂得到储备金的完全支持并获得监管批准。