德国拒绝MiCA申请，Bitcoin.de交易仍冻结

The German Financial Supervisory Authority rejects MiCA authorization application, Bitcoin Group SE launches alternate operating plan

German financial supervisory authority BaFin (Federal Financial Supervisory Authority) has rejected the application for authorization of a cryptographic asset service provider submitted by its subsidiary futurum bank AG in accordance with the European Union's Crypto Asset Markets Regulation (MiCA). In response, Bitcoin Group SE announced that it is developing an alternative operating architecture for its platform bitcoin.de.

In an announcement issued on October 6, the company described BaFin's decision as a setback, but stressed that it had prepared for possible rejection situations. Bitcoin Group SE added that it is currently reviewing the ruling and reserves the right to appeal or resubmit the application at a later time. At the same time, the group said it is actively exploring ways to resume transactions as soon as possible through regulated partners.

Core Points

• BaFin rejected futurum bank AG's MiCA authorization application, forcing Bitcoin Group SE to re-evaluate bitcoin.de.'s operating model.
• The company said it is preparing an alternative operating model and reviewing options to object or reapply.
• Companies are looking to restore trading channels through regulated partners to reactivate customer businesses.

Since June 12, the trading function of bitcoin.de has been basically suspended. Previously, the platform had relocated its custody infrastructure and shut down its original trading system in preparation for the planned re-launch.

Regulation refuses to reshape bitcoin.de's MiCA compliance path

Bitcoin.de is a German cryptocurrency trading platform operated by futurum bank AG, a subsidiary of Bitcoin Group SE. According to the company, the platform has more than 1.1 million registered users. The latest development revolves around MiCA authorization: BaFin rejected futurum bank AG's application as a crypto asset service provider.

Bitcoin Group SE pointed out in an announcement on October 6 that although this decision constituted a setback, the group had made full preparations for it. The company emphasized the urgent need to implement alternative operating models and transparently inform customers of next steps.

CEO Moritz Eckert said: "Our current priority is to implement alternative operating models and inform customers of the next step in a transparent manner." He emphasized the importance of maintaining operational continuity in the short term.

Alternative operating models and potential legal objections

The company said it was reviewing BaFin's decision and pointed out that based on the review's conclusions, there was a procedural option-that is, to file a formal objection or submit a new application in the future.

This is critical for customers and market participants, as bitcoin.de's previous relaunch plans are closely linked to the MiCA authorization process. Without approval, the timetable for resuming online transactions and the specific legal and technical structure remain full of uncertainty.

Bitcoin Group SE also hinted that it is working with regulated partners to restart transactions. This statement suggests that companies may look for middle ground paths within existing regulatory frameworks rather than waiting for the MiCA process to complete.

Trading has been basically suspended since June

Bitcoin.de was originally a peer-to-peer trading market that directly matched customers who wanted to buy and sell cryptocurrencies. Over time, Bitcoin Group SE said it has rebuilt its platform to include broker functions, and its product plan includes more than 100 cryptocurrencies, cryptocurrency exchange and pledge services. The company originally planned to launch the new service in late June.

However, while futurum bank AG awaited MiCA authorization, launch plans were postponed. During this process, bitcoin.de informed users that their assets had been transferred to the new hosting infrastructure. At the same time, the company announced that it had closed its previous trading system and said that trading activities had been basically suspended since June 12.

So, although the regulatory rejection was the direct trigger for the company's latest announcement, it came after months of operational restructuring. For users concerned about getting back online, the key question now is whether the alternative operating model will allow transactions to resume quickly and under what terms.

What investors and users should pay attention to

BaFin's decision shows that even for mature European cryptocurrency platforms linked to regulated entities, MiCA authorization is not a formality. For bitcoin.de, the future path is likely to depend on the structure of the alternative operating model and whether the procedural choices the company takes, such as objecting or reapplying, can change the outcome.

In the short term, readers should pay close attention to whether Bitcoin Group SE provides detailed information on the new operating architecture and specific conditions for restarting transactions through regulated partners. Until then, the actual impact remains clear: trading activity has largely stalled since mid-June, and the speed of recovery will depend on regulatory compliance and partner readiness.

As companies move from the review phase to the implementation phase, the biggest uncertainty for customers is time-especially whether "as soon as possible" will translate into a near-term transaction recovery, or whether alternative models will become a long-term workflow.