Picture, if you will, dear reader, a wintry Berlin morning: Ethena GmbH, a company dreaming of crypto glory, stands shivering on the frosty stoop of BaFin’s formidable palace. Without ceremony, they receive a letter (with no ribbon!) commanding them to put an end to their wild issuance of USDe tokens. As BaFin dramatically announced, Ethena’s operations were about as well-organized as a goose parade in April. After months of paperwork and confusion, the company withdrew its application for regulatory blessing in a gesture as subtle as a man yanking off his own mustache. 🥸
Now, forced to retreat like Gogol’s own Akaky after losing his overcoat, Ethena must return every last USDe token under the ever-watchful eye of BaFin, who no doubt is twirling a bureaucratic monocle. Not content to just shake their heads in disappointment, BaFin slapped down a fine of €600,000 – an amount more than enough to buy a hundred bureaucratic overcoats – and forbade Ethena from receiving payments or selling tokens. This, they claim, is all to protect the creditors’ precious few beans from vanishing altogether. 🚫💰
So ends Ethena’s European saga: with frozen assets, reversed tokens, and dreams of regulatory approval melting away like a snowman in a spring thaw. The moral, if there is one? Never underestimate the German regulator – or the remarkable speed with which a crypto dream can turn into a Kafkaesque paperwork nightmare. 🍻📄
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2025-04-16 12:57