Ethena Labs: Ethena exits the German market and terminates its application for MiCAR license According to Ethena Labs, Ethena has reached an agreement with German financial regulator BaFin to shut down all operations of its German subsidiary Ethena GmbH and no longer apply for MiCAR authorization. Starting from March 21, 2025, Ethena GmbH has ceased any casting or redemption operations, and all related activities are undertaken by Ethena (BVI) Limited. Users have also completed the migration. Ethena GmbH now has no whitelist users or direct customers. Last month, Germany's BaFin suspended the token issuance business of Ethena stablecoin USDe, citing significant compliance deficiencies.