A well -known crypto project has not adhered to the laws and regulations in Germany. As a result, it has to completely hire its activities in the country. A decision that brings far -reaching consequences for the entire crypto company.
What are the consequences for the company and the customers of the German branch? But also for the European Mica license that you have been working on for a long time?
“Illegal sale & stable cryptocurrency is insecure”
The financial supervisory authority in our neighboring country Germany, BaFin, previously headed an investigation against the crypto project Ethena (Ena) a. The platform is said to have offered securities to its customers without having the necessary registrations and permits.
In addition, apparently serious Defects found in their stable cryptocurrency, Ethena Usde (Usde). What exactly they indicate is unknown. However, it is known that ethena instead of physical security cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) used to keep us stable.
Customers of the crypto project are transferred
Instead of further working on the examination, the parties already have another in good consultation Solution found. Ethena will post all activities from Germany and transfer existing customers to the branch, which is managed by the British Virgin Islands.
From there, these customers can do everything they were used to. In addition, the company also has confirmedthat it will no longer try to get a mica license. This license determines whether as a company you can offer your crypto services of European customers. The requirements for this are strict, but it protects customers from many risks.
Course of the old coin Ethena sinks
Ethena herself is currently difficult. In the last 24 hours, the value of the coin has fallen by 7.11 percent on a price of $ 0.28. Two days ago this was at $ 0.34. The all -time high was reached on April 11th. At that time the Cryptocurrency a total value of $ 1.46.
If we look at the previous correction, we see that the coin around the border of $ 0.21 was able to reverse a downward trend. The big question therefore remains whether this is now the region in which the market movement can completely reverse.