BaFin Rejects Bitcoin Group Subsidiary’s MiCAR Authorisation
Bitcoin Group SE has faced a significant regulatory setback after Germany's financial regulator, BaFin, denied its application for MiCAR authorisation for the company's subsidiary, futurum bank AG. This decision effectively ends the prior tolerance of the subsidiary's crypto-asset services, creating uncertainty for its operations.
The rejection of the MiCAR authorisation poses a serious threat to the core crypto services and revenue associated with bitcoin.de. Additionally, the withdrawal of prior tolerance increases operational risks, as the services can no longer rely on interim permissions. Trading has been largely suspended since June 12, 2026, which implies reduced trading volumes and immediate revenue pressure.
In response to the setback, Bitcoin Group SE plans to cooperate with regulated partners to mitigate the disruption. This partnership could potentially allow the resumption of trading and custody services. The company also has the right to object to BaFin's decision within one month, though the timeline and outcome of this process remain uncertain.
Despite the regulatory challenges, Bitcoin Group SE has assured that customer assets will be safeguarded, which helps to lower the risk of outflows and preserves brand trust in the short term. The regulatory overhang, however, remains a significant concern until a resolution is found.