Germany’s Federal Financial Supervisory Authority, BaFin, has rejected a MiCA crypto-asset service provider, or CASP, license application submitted by futurum bank AG, a subsidiary of Bitcoin Group SE, according to Cointelegraph. The decision leaves crypto trading platform Bitcoin.de still under a trading halt. Bitcoin Group SE said it is reviewing the ruling and retains the right to file an objection or submit a new application later. The company also said it is exploring an alternative operating model and aims to restart trading services as soon as possible through regulated partners. Bitcoin.de, which originally operated as a peer-to-peer marketplace, has more than 1.1 million registered users. The platform had planned to upgrade by the end of June into a brokerage platform supporting more than 100 cryptocurrencies, as well as swap and staking services, but that rollout was delayed while it awaited MiCA authorization. Trading activity on the platform has been largely suspended since June 12.
Germany’s Federal Financial Supervisory Authority, BaFin, has rejected a Markets in Crypto-Assets Regulation, or MiCA, crypto-asset service provider (CASP) license application filed by futurum bank AG, a subsidiary of Bitcoin Group SE, according to Cointelegraph.
As a result, crypto trading platform Bitcoin.de, which the firm operates, remains under a trading suspension.
Bitcoin Group SE later said it is reviewing the decision and retains the right to lodge an objection or submit a fresh application in the future. The group is also seeking an alternative operating model and plans to restore trading services as soon as possible through regulated partners.
Bitcoin.de originally operated as a peer-to-peer, or P2P, marketplace and has more than 1.1 million registered users. The platform had planned to upgrade by the end of June into a brokerage platform supporting more than 100 cryptocurrencies, along with swap and staking functions. That plan was delayed pending MiCA authorization, and trading activity on the platform has been largely suspended since June 12.
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