Key Points
- BaFin has rejected futurum bank AG’s application for authorization as a crypto-asset service provider under the EU’s Markets in Crypto-Assets Regulation.
- Trading on bitcoin.de has been largely suspended since June 12 while the operator awaited regulatory approval.
- Bitcoin Group SE is reviewing alternative operating models and working with regulated partners in an effort to resume trading.
Bitcoin.de, one of Germany’s established cryptocurrency trading platforms, remains largely inactive after German financial regulator BaFin rejected its operator’s application for authorization under the European Union’s Markets in Crypto-Assets Regulation.
Bitcoin Group SE said on Oct. 6 that BaFin had refused the MiCA application submitted by its subsidiary futurum bank AG. The company described the decision as a setback but said it had prepared for the possibility of a rejection and is now evaluating alternative ways to operate the platform.
The company is reviewing the regulator’s decision and can potentially lodge an objection or submit a new application in the future. In parallel, Bitcoin Group said it is working with regulated partners to restart trading services 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,” Bitcoin Group SE CEO Moritz Eckert said.
Bitcoin.de Trading Suspended Since June
Bitcoin.de is operated by futurum bank AG, a subsidiary of Bitcoin Group SE, and has more than 1.1 million registered users, according to the company.
The platform originally operated as a peer-to-peer marketplace connecting customers buying and selling cryptocurrencies. It was subsequently redesigned this year to operate as a brokerage, with plans to offer more than 100 cryptocurrencies alongside crypto swaps and staking services.
The revamped platform was expected to launch in late June. However, the rollout was postponed while futurum bank waited for MiCA authorization.
Trading activity has been largely suspended since June 12. In an August update, bitcoin.de said customers’ cryptocurrency holdings had already been transferred to new custody infrastructure and that its previous trading system had been switched off.
The prolonged suspension means the latest regulatory decision creates another obstacle for the platform as it attempts to resume normal operations.
MiCA Authorization Becomes Critical
The rejection highlights the importance of MiCA authorization for crypto businesses seeking to operate across the European Union under the bloc’s harmonized regulatory framework.
For bitcoin.de, the authorization was intended to support the transition toward its redesigned brokerage model. Without the approval, Bitcoin Group must now consider other structures for providing trading services while remaining within the applicable regulatory framework.
The company’s decision to explore regulated partners suggests that the platform may seek to separate some of its operational functions from the entity whose MiCA application was rejected.
However, Bitcoin Group has not provided details on the proposed alternative operating structure or indicated when trading could resume.
Company Keeps Further Options Open
Bitcoin Group said it is reviewing the BaFin decision and retains the option to challenge the decision or submit another application.
The company is therefore pursuing several potential routes at the same time rather than treating the rejection as the end of its efforts to restore the platform.
Working with regulated partners could provide a faster route to restarting services, although the timing and structure of such an arrangement remain uncertain.
For bitcoin.de users, the immediate issue remains access to normal trading services after months of disruption.
Outlook
The BaFin rejection leaves bitcoin.de facing an extended period of uncertainty after trading was largely suspended in June. Bitcoin Group’s focus now shifts toward finding a compliant operating model that can support the platform’s planned brokerage services.
The company’s review of the decision, potential regulatory challenge and search for regulated partners provide several possible paths forward. The timing of a full trading restart will depend on the outcome of those efforts and the regulatory structure ultimately adopted.
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