Bitcoin Group SE runs the German crypto exchange bitcoin.de through its subsidiary futurum bank AG. The platform, which began as a peer-to-peer marketplace, was re-engineered this year into a brokerage offering a broad range of digital assets, swaps and staking. More than 1.1 million accounts had been created before the launch was delayed pending regulatory approval.
Regulatory decision
On 6 October, the German Federal Financial Supervisory Authority (BaFin) announced that futurum bank’s application for a crypto-asset service provider licence under the EU Markets in Crypto-Assets Regulation (MiCA) was not approved. The ruling halted the planned rollout that had been slated for late June. BaFin’s refusal means the firm cannot legally offer the brokerage services it had prepared, and the decision is considered a setback for the project.
Company response
Bitcoin Group SE said it had anticipated the possibility of a negative outcome and is now reviewing the regulator’s judgment. The group retains the right to file an objection or submit a fresh application in the future. In the meantime, it is working on a revised operating model that would allow trading to resume through licensed partners. CEO Moritz Eckert emphasized the priority of implementing this alternative structure while keeping users fully informed about forthcoming steps.
Operational impact
Since 12 June, trading on bitcoin.de has largely been inactive. The company previously moved customers’ crypto holdings into a new custody solution and deactivated the original trading engine. The platform’s extensive catalogue—planned to exceed 100 cryptocurrencies—remains unavailable until a compliant framework is established.
Outlook
The situation highlights the challenges German crypto firms face in aligning with the EU’s new MiCA framework. While the rejection stalls bitcoin.de’s launch, the firm’s preparation for an objection or a new submission suggests it intends to stay in the market. Partnering with already authorised entities could provide a quicker path back to operation, though the timeline remains uncertain.
Why it matters
BaFin’s refusal underscores the regulatory hurdles that emerging crypto exchanges must navigate in Europe. The decision affects a sizable user base and may influence how other German platforms structure their licensing strategies. Moreover, the episode illustrates the broader industry shift toward stringent compliance under MiCA, potentially reshaping the competitive landscape for crypto-asset services across the EU.
