Ethana Labs announced on Wednesday that the German Federal Financial Supervisory Authority, Buffin, and Ethena GMBH, the company’s German hands, had agreed to a redemption plan for the USDE Stabelcoin holders.
Regulator Said It started the 42-day redemption process for stablecoin holders. Bafin said that USDE holders would have direct redemption claims against Ehena GMBH till 6 August. The process will be supervised by a special representative appointed by Buffin.
After the deadline, Athena GMBH will be officially considered wounds within the Germany, the European Union and the European Economic Zone (EEA). This means that from August 7, any claim should be made through the company’s offshore affiliation, Athena (BVI) Limited.
Athana labs Said After fully implemented the redemption scheme, Athena GMBH will not have outstanding issues related to the USD-related operation of Athena GMBH “. However, the company did not indicate whether it plans to re -enter the European Union and EEA markets.
Baffin concludes four months struggle with Ehena GMBH
The news comes after a four -month struggle between Ethana and the German financial regulator. On 21 March, Baffin prevented Athena GMBH from offering its USDE Stabecrims in public, which cited a violation of the European Union markets in the Crypto-Assets Regulation (MICA).
The government agency accused the company of selling unregistered securities via its produce-bearing Susde tokens, which is connected to the USDe Stablecoin.
The regulator implemented restrictions, including freezing USDE Reserve Assets, closing the company’s website and portal and ordering the company to prevent new users from serving.
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On 15 April, Ethana Labs discontinued all the operations of their German assistant. At that time, the company said that it would no longer chase its Micah Authority in Germany.
The company said that its German subsidiary did not operate any mining or redemption activities for the USDE from 21 March when the regulator implemented its enforcement operations on Athena GMBH.
Ethena GMBH applied to the MICA Authority on July 29, 2024. However, Bafin rejected the application in March, cited from Ethena GMBH compliance failures.
Despite this, around 5.6 billion tokens live in circulation, most of which were released before the Micah Framework became effective and is located worldwide.
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