- BaFin refused futurum bank AG’s application for authorization as a crypto-asset service provider under MiCA.
- Bitcoin Group SE is seeking an alternative operating model for its bitcoin.de platform following the regulatory setback.
- Trading on the platform has been largely suspended since June 12, while the company explores options including an objection or new application.
In an Oct. 6 announcement, Bitcoin Group SE disclosed that the German Federal Financial Supervisory Authority (BaFin) rejected its subsidiary futurum bank AG’s application for authorization as a crypto-asset service provider under the Markets in Crypto-Assets Regulation (MiCA).
The company described the decision as a setback but confirmed it had prepared for a possible refusal. It stated it is now reviewing the ruling and has the opportunity to lodge an objection or submit a new application.
Consequently, Bitcoin Group SE is working on ways to resume trading through regulated partners “as quickly as possible.” “Our priority now is to implement the alternative operating model and to keep our customers transparently informed about the next steps,” said Moritz Eckert, CEO of Bitcoin Group SE.
Meanwhile, trading activities on the bitcoin.de platform, operated by futurum bank AG, have been largely suspended since June 12. The platform has over 1.1 million registered users and originally launched as a peer-to-peer marketplace.
The platform was revamped this year to operate as a brokerage with plans for over 100 cryptocurrencies. However, the launch was postponed while awaiting the MiCA authorization, and its previous trading system was switched off.
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