Ethena to Wind Down Operations in Germany Following BaFin Findings
Ethena, a decentralized finance (DeFi) protocol, will cease operations in Germany following BaFin's identification of "serious deficiencies" in its USDe token. The regulator stated that Ethena was offering unapproved securities. Key points include:
- Ethena to wind down activities in Germany.
- Users will transition to Ethena BVI, the entity in the British Virgin Islands.
- Ethena has $4.9 billion in total value locked (TVL).
- USDe token is a "synthetic dollar," backed by bitcoin, ether, and others.
- ENA token decreased by 2.88% in the last 24 hours, while the market rose by 1.17%.