Decentralized Finance (Defi) Protocol Ethena has agreed to settle its activities in Germany.
The decision comes three weeks after Bafin, the German Financial Regulator, has identified “serious shortcomings” in the Usde -Toking of Ethena and said that the company offered effects in Germany without approval.
“We have agreed with Bafin to settle all the activities of Ethena GmbH and will no longer pursue the Micar authorization in Germany,” Ethena said in a tweet.
It added that all earlier users on board Ethena BVI, the entity of the protocol on the British Virgin Islands will be on board.
Ethena is the revenue -generating protocol locked with a total value of $ 4.9 billion (TVL). The Usde -token is called a “synthetic dollar” and is supported by Bitcoin (BTC), Ether (ETH) and other cryptocurrencies.
The ENA -Toking of Ethena has fallen by 2.88% in the last 24 hours and is performing under the wider market that has risen by 1.17% according to Coinmarketcap.
