BaFin, the German financial regulatory authority, has prohibited all public sales of Ethena GmbH’s USDe (USDe) — a synthetic dollar — claiming the token violates the European Union’s MiCAR regulations and accused the firm of selling unregistered securities in the region.
BaFin ordered Ethena to freeze the reserve assets that back the token, close down the website portal, and ordered the firm to stop taking new customers, the regulator wrote in an announcement.
BaFin also appointed a…
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