The German regulator limited the powers of the project managers to store assets, blocked access to the project website and appointed a special representative to monitor the execution of prescribed measures:
“Bafin prohibited Ethena GmbH further public placement of USDE token and instructed the company to freeze the corresponding reserve of assets with the casteans.”
The agency suspected that Ethena is trading in the form of USDE tokens with securities. Ethena offers assets without appropriate execution by the department, without complying with the requirements of European cryptocurrency legislation, officials announced.
Representatives of Ethena Labs said that they were disappointed with the decision of the regulator and said that the company’s assets remain accessible to users.
Earlier, the management of the capital, insurance and savings of Israel (CMISA) demanded to block the Bitin crypto-tank due to the lack of a license to work in the country. The platform operator faces a fine worth 1.7 million shekels (about $ 460,000).
Source: Bits
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