Protocol of Decentralized Finance (DEFI) Ethena has agreed to reduce its operations in Germany.
The decision occurs three weeks after Bafin, the German Finance Regulator, identified “serious deficiencies” in the USDE of Ethena token and said that the company was offering values in Germany without approval.
“We have agreed with Bafin to reduce all the activities of Ethena GmbH and we will not follow the authorization of Micar in Germany,” Ethena said in a tweet.
He added that all previous users will be aboard Ethena BVI, the protocol entity in the British Virgin Islands.
Ethena is the performance generation protocol with $ 4.9 billion in total blocking value (TVL). The USDE token is called a “synthetic dollar” and is backed by Bitcoin (BTC), Ethher (eth) and other cryptocurrencies.
The Ethena token Ethena has decreased by 2.88% in the last 24 hours, with a lower yield to the broader market that increases 1.17%, according to CoinmarketCap.
