Ethena Labs closes its German and European Union operations officially after rejecting the previous MICA request. During the past month, the company was preparing to withdraw from this market.
Despite the expected exit, Ena’s reaction was significantly, as Altcoin fell more than 7 % after today’s announcement.
Ethena Labs failed in the mica voltage
Ethena Labs face continuous organizational difficulties in Europe. In late March, the German authorities refused to request Etheena to comply with Mika.
At that time, the company suggested that this was a simple setback and that it would focus on other markets. Today, it announced that its German branch ends completely.
“We agreed with Bafin to reduce all activities of Ethena GmbH and we will not follow the Micar license in Germany. They are all from the white menu … Users did not interact previously with Ethena GmbH at their request with Ethena (BVI) limited instead. Claim.
The statement also claimed that Etheina GmbH, the German branch, “had not made any peppermint or recovery activity” since the organizers Mika to rule.
Specifically, the organizers have banned all Stablecoin Usde sales, which has placed dangerous restrictions on the company. In other words, this result is somewhat expected. Ethena (BVI) took Limited to the German branch users.
The network governance symbol, Ena, witnessed prominent price fluctuations about her efforts in Mika. In early March, when Ethaina LABS was walking on the right track to receive organizational approval, Ena erupted from its lowest levels over several months and reached approximately $ 2.5 billion in Mark Cap.
However, since rejection, Ena has seen the constant declining pressure, which was exacerbated by the total economic conditions throughout the market. Today’s announcement led to a further decline.
Mika, the new Stablecoin regulations of the European Union, has made difficulties in many companies alongside Ethena. For example, Stablecoins from Tether was deleted from the European Union exchange when MICA entered into force, which prompted serious changes to its work.
There were many other exporters racing to fill the gap that these companies left by achieving compliance. Recently, the main central stock exchanges such as Crypto.com and OKX have made the license, which increased their strengthening of the European Union market.
Disintegration
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