BaFin rejects MiCA application, keeping Bitcoin.de trading halted

Germany’s Federal Financial Supervisory Authority, known as BaFin, rejected futurum bank AG’s application for authorization as a crypto-asset service provider under the Markets in Crypto-Assets Regulation, or MiCA.

Bitcoin Group SE, futurum bank’s parent company, announced the decision on Oct. 6. The group is reviewing the decision and may file an objection or submit a new application. It is also seeking regulated partners that could help resume trading on Bitcoin.de.

“Our priority now is to implement the alternative operating model and to keep our customers transparently informed about the next steps,” Bitcoin Group CEO Moritz Eckert said.

Bitcoin.de is operated by futurum bank and has more than 1.1 million registered users, according to Bitcoin Group. The platform originally operated as a peer-to-peer marketplace that matched customers buying and selling cryptocurrencies.

Bitcoin.de was revamped this year as a brokerage. The planned service included access to more than 100 cryptocurrencies, crypto swaps and staking. It was expected to launch in late June, but the rollout was delayed while futurum bank awaited MiCA authorization.

In an August update, Bitcoin.de reported that customers’ crypto holdings had been moved to new custody infrastructure and that its previous trading system had been switched off. Trading has largely been suspended since June 12.

Bitcoin Group did not provide a date for the service’s return. The company said it would keep customers informed while it works on an alternative operating model.