Well, folks, Ethena Labs has packed its bags and bid adieu to the EU, leaving behind a trail of regulatory chaos and a 7% nosedive in its altcoin. 🚀💥
It’s been a month-long farewell tour, but the final curtain has dropped. ENA, the token, took a tumble faster than a cat off a hot tin roof after today’s announcement.
MiCA: The Regulatory Nightmare
Ethena Labs has been tangling with European regulators like a cat in a yarn shop. Back in March, German authorities gave their MiCA application the cold shoulder.
At the time, Ethena shrugged it off like a minor hiccup, saying it’d focus elsewhere. But today, it’s official: the German branch is shutting down faster than a saloon on Sunday. 🏚️
“We’ve agreed with BaFin to wind down Ethena GmbH and won’t be chasing MiCAR authorization in Germany anymore. All our whitelisted users have been handed over to Ethena (BVI) Limited. So, Ethena GmbH is now as customer-less as a lemonade stand in a snowstorm,” they said.
The statement also claimed that Ethena GmbH hasn’t done any minting or redeeming since the MiCA ruling.
Regulators slapped a ban on USDe stablecoin sales, putting the kibosh on the firm’s plans. In short, this was as predictable as a politician’s promise. Ethena (BVI) Limited has taken over the German branch’s users.
ENA, the governance token, has been on a rollercoaster ride. Back in early March, when approval seemed likely, ENA shot up like a rocket, nearly hitting a $2.5 billion market cap.
But since the rejection, it’s been downhill faster than a greased pig at a county fair. Today’s news just added fuel to the fire.
MiCA, the EU’s new stablecoin rules, have been causing headaches left and right. Tether’s stablecoins got the boot from EU exchanges when MiCA kicked in, forcing some serious reshuffling.
Other issuers are scrambling to fill the void, with big players like Crypto.com and OKX snagging licenses and tightening their grip on the EU market. 🏦
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2025-04-15 22:12