Bitcoin Group SE is seeking an alternative operating model for its bitcoin.de platform after Germany’s Federal Financial Supervisory Authority, or BaFin, rejected futurum bank AG’s application for authorization as a crypto-asset service provider under the Markets in Crypto-Assets Regulation (MiCA).
BaFin rejects MiCA authorization bid
In an Oct. 6 announcement, Bitcoin Group SE said BaFin’s decision was a setback, though the company had prepared for the possibility that the application could be refused. It said it is reviewing the decision and still has the option to lodge an objection or submit a new application in the future.
The group also said it is working on ways to restart trading through regulated partners “as quickly as possible.”
Moritz Eckert, CEO of Bitcoin Group SE, said: “Our priority now is to implement the alternative operating model and to keep our customers transparently informed about the next steps.”
Trading has been largely halted since June 12
Bitcoin.de is a German crypto trading platform operated by futurum bank AG, a subsidiary of Bitcoin Group SE. According to the company, the platform has more than 1.1 million registered users. It was originally launched as a peer-to-peer marketplace that matched customers buying and selling crypto with one another.
This year, the platform was reworked to operate as a brokerage. The planned offering included more than 100 cryptocurrencies, crypto swaps and staking, and the launch had been expected in late June.
That launch was postponed while futurum bank waited for MiCA authorization. In an August update, bitcoin.de said customer crypto holdings had already been moved to new custody infrastructure and its previous trading system had been switched off. Trading activity has largely remained suspended since June 12.
Company turns to alternative arrangements
Following the rejection, Bitcoin Group SE is pursuing two tracks: reviewing the regulator’s decision and advancing an alternative setup for the platform. Based on the company’s statement, one route to restoring service is to work with regulated partners.
The company has not disclosed when trading will resume, and it has not said whether it has already filed an objection.