BaFin rejects MiCA authorization for Bitcoin.de operator futurum bank

Germany's financial regulator BaFin has rejected futurum bank AG's application for MiCA authorization, ending its regulatory tolerance for the firm's crypto services. The decision forces Bitcoin Group SE to abandon its solo model for Bitcoin.de, where trading has been suspended since June 12, 2026. To restore services, the platform is pivoting to a partner-based model with regulated German institutions. The prolonged suspension has severely impacted financials, causing a €3.25 million EBITDA loss in the first half of 2026.

BaFin rejects MiCA application

• ▪According to Bitcoin Group SE, BaFin deemed futurum bank AG's current implementation and operational readiness insufficient for MiCA authorization.
• ▪BaFin informed futurum bank AG that its previous regulatory tolerance for providing crypto-asset services no longer applies following the MiCA application rejection.
• ▪Germany's financial regulator BaFin rejected futurum bank AG's European Union's Markets in Crypto-Assets Regulation (MiCA) application, submitted June 27, 2025, on October 6, 2026, after regulatory review lasting more than 15 months.

Response to the decision

• ▪Bitcoin Group SE stated that it disagrees with BaFin's assessment and may submit a new MiCA application at a later date.
• ▪Bitcoin Group SE and futurum bank AG are reviewing the decision and can lodge an objection within one month after receiving formal notification.

Suspension of Bitcoin.de trading

• ▪Bitcoin.de had technologically completed its platform redesign, including support for over 100 cryptocurrencies, swaps, and staking, but could not launch trading without regulatory approval.
• ▪Trading activities on the Bitcoin.de platform have been largely suspended since June 12, 2026, while awaiting the regulatory decision.

Transition to partner-based model

• ▪Bitcoin Group SE CEO Moritz Eckert stated that the company is working to restore trading through a rebuilt Bitcoin.de app within a few weeks using the partner model.
• ▪Bitcoin Group SE plans to pivot to a partner-based model, working with regulated German institutions to handle trading and custody for Bitcoin.de.

Protection of customer assets

• ▪Futurum bank AG will continue to hold customer assets securely until they can be transferred to the planned alternative regulated German custodian.
• ▪Bitcoin Group SE stated that customer claims over their crypto assets remain fully intact despite the BaFin rejection.

Financial performance of Bitcoin Group

• ▪Bitcoin Group SE expects a decline in full-year 2026 revenue and forecasts another negative full-year EBITDA due to reduced trading activity and platform rebuild costs.
• ▪Bitcoin Group SE reported revenue of €1.59 million and an EBITDA loss of €3.25 million for the first half of 2026.

Debatable claims

• ▪BaFin should have extended its regulatory tolerance for futurum bank during the MiCA transition
• ▪The 15-month review period for futurum bank's MiCA application was unreasonably long
• ▪BaFin's rejection of futurum bank's MiCA application is justified
• ▪BaFin's strict enforcement of MiCA standards harms Germany's competitiveness as a crypto hub