Bitcoin.de trading remains halted as German regulator rejects MiCA application

What happened

Trading on the platform has largely been suspended since June as its operator awaited MiCA (the EU’s regulation for crypto markets) authorization, with the company now looking to regulated partners to restart services. Bitcoin Group SE says it is seeking an alternative operating model for its bitcoin.de platform after the German Federal Financial Supervisory Authority (BaFin) refused its subsidiary futurum bank AG’s application for authorization as a crypto-asset service provider under Markets in Crypto-Assets Regulation (MiCA).

It originally launched as a peer-to-peer marketplace — matching customers buying and selling crypto to one another. 6 announcement , the company said the BaFin decision was a setback, but it had prepared for the possibility of a refusal.

It said it is now reviewing the decision and has the opportunity to lodge an objection or submit a new application in the future. The group said it is also working on ways to resume trading through regulated partners “as quickly as possible.”

Bitcoin.de is a German crypto trading platform operated by futurum bank AG, a subsidiary of Bitcoin Group SE. It has over 1.1 million registered users, according to the company.