BaFin Rejects Bitcoin.de Operator's MiCA License, Bitcoin (BTC) Trading Halted Since June 12

BaFin Refusal Ends the Transition Window

Germany's financial regulator BaFin has refused the Markets in Crypto-Assets (MiCA) authorization application filed by futurum bank AG, the Bitcoin (BTC) Group SE subsidiary behind the Bitcoin.de marketplace, one of the country's longest-running retail venues for Bitcoin (BTC) price exposure. Bitcoin Group announced the refusal in an ad-hoc disclosure on Oct. 6, stating that BaFin judged the bank's implementation and operational readiness insufficient for a full authorization. Futurum bank submitted its application on June 27, 2025, so the licensing review ran for more than 15 months.

Per the disclosure, BaFin told the bank its earlier tolerance for providing crypto-asset services no longer applies, and trading on Bitcoin.de has been largely suspended since June 12, 2026. Before the pause, the venue had migrated customer holdings to new custody infrastructure and switched off its legacy trading system as part of the changeover. Bitcoin Group says it disagrees with the assessment and can either lodge an objection, available within one month after formal service of the decision, or file a fresh application later. CEO Moritz Eckert called the refusal “a setback for us” and said the priority is an alternative operating model, with customers kept informed at each step. The company added that work on the measures BaFin requested was already advanced.

The timing matters because the regulatory safety net has now lapsed. Under the EU transition framework, eligible firms could operate under national arrangements until July 1, 2026, or until BaFin approved or rejected their file, whichever came first. Germany hosted 79 authorized crypto-asset service providers by late August, the EU's largest cohort ahead of France and the Netherlands. Bitcoin (BTC).de, with more than 1.1 million registered users, began life as a peer-to-peer marketplace matching buyers and sellers directly before this year's shift to a brokerage flow built around conventional order types.

A Partner Model for the Restart

Rather than wait out another licensing cycle, Bitcoin Group is rebuilding the restart around regulated partners at home. Under the plan, one regulated German institution would initially act as the trading counterparty for Bitcoin.de customers, while a second regulated company would hold the customer crypto assets. Neither partner has been named and no firm reopening date exists, though Eckert said the company is working to restore trading through the rebuilt Bitcoin.de app “within the next few weeks.” A partner-based setup is not unprecedented in the European Economic Area: Nexo has routed custody through Tangany and brokerage services through DLT Finance to keep serving regional clients.

The platform itself is technically finished. One week before the refusal, Bitcoin (BTC) Group reported that the new trading system, website and mobile application had passed functional and security testing. The planned product range spans more than 100 altcoins alongside swap functions, which settle custodially rather than through the decentralized atomic swap mechanism, plus savings plans and staking, with transactions processed in seconds and entries starting from €1. The redesigned app and website went live in June, but the trading launch stayed tied to the pending authorization and never arrived.

The suspension is already visible in the accounts. First-half 2026 revenue fell to €1.59 million from €3.78 million a year earlier, EBITDA swung to a €3.25 million loss from a €1 million loss, and earnings per share came in at negative €1.02 versus negative €0.33. Management attributes the deterioration to reduced trading activity, market conditions and higher spending on the rebuild and workforce. The balance sheet still holds €199 million in net crypto assets as of June 30 with an equity ratio of 71.8%, and the company forecasts another negative full-year EBITDA for 2026. Shares closed Oct. 6 at €27.98 on Xetra, down 1.96%, after the disclosure landed just past the German close. For customers weighing a move, our comparison of the Best Crypto Exchanges offers a practical starting point.

What the Authorization File Requires

The binding rule here is MiCA itself, not a proposal. Under the regulation, any firm providing covered crypto-asset services in a member state needs authorization from the relevant national regulator. BaFin's own guidance for crypto-asset service providers states that German applicants must satisfy requirements spanning their organizational setup, day-to-day operations and alignment with the Digital Operational Resilience Act. That is the standard futurum bank failed in BaFin's view, according to the company's account of the refusal. Our read: the decisive next date is formal notification, which starts the one-month objection clock, not the Oct. 6 announcement. Until the partners are named, Bitcoin.de's 1.1 million users remain in a holding pattern.