German financial watchdog denies MiCA license for Bitcoin.de, platform trading still frozen
Since June, the platform's trading operations have been mostly inactive while its operator pursued MiCA licensing, with the firm currently exploring partnerships with licensed entities to resume operations.
According to Bitcoin Group SE, the company is exploring an alternative business model for its bitcoin.de trading platform following the rejection by Germany's Federal Financial Supervisory Authority (BaFin) of its subsidiary futurum bank AG's request for licensing as a crypto-asset service provider under the Markets in Crypto-Assets Regulation (MiCA) framework.
Through a statement released on Oct. 6, the organization acknowledged that BaFin's determination represented a disappointment, though it had anticipated the potential for denial. The company indicated it is currently analyzing the regulatory decision and retains the right to file a formal objection or resubmit an application at a later date.
According to the group's statement, efforts are underway to restore trading capabilities by collaborating with licensed partners "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.
Moritz Eckert, CEO of Bitcoin Group SE
The bitcoin.de platform is a cryptocurrency exchange service based in Germany and run by futurum bank AG, which operates as a subsidiary under Bitcoin Group SE. The platform boasts a user base exceeding 1.1 million registered accounts, based on figures provided by the company. The service initially debuted as a peer-to-peer trading venue — facilitating direct connections between individuals looking to purchase and sell digital currencies.
The platform underwent a significant transformation earlier this year to function as a brokerage service, with announced features encompassing more than 100 different cryptocurrencies, cryptocurrency swap functionality, and staking services, with an anticipated rollout scheduled for late June.
The planned launch was delayed, however, as futurum bank remained in the process of securing MiCA regulatory approval. According to an August communication, bitcoin.de informed users that their cryptocurrency assets had been transferred to updated custody systems and the prior trading infrastructure had been deactivated. All trading operations have been predominantly frozen since June 12.