Bitcoin.de has largely suspended trading activities following the rejection of futurum bank AG’s application for authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulations by Germany’s financial authority, BaFin. This development compels the platform to explore a new operational model leveraging regulated partners.
Summary
- Trading on Bitcoin.de remains paused after BaFin denied futurum bank’s MiCA authorization in Germany.
- Futurum bank has one month to contest the decision following formal notification, or it can file another application later.
- Bitcoin Group aims to partner with regulated German entities for trading and custody, hoping to resume operations within weeks.
- Currently, customer assets are held by futurum bank until they can be transferred to another regulated custodian in Germany.
- Bitcoin Group reported €1.59 million in revenue for the first half of the year and anticipates another negative EBITDA year in 2026.
On October 6, Bitcoin Group SE announced that BaFin declined the MiCA application from its wholly-owned subsidiary, futurum bank, submitted on June 27, 2025. The licensing endeavor spanned over 15 months, and operational trading on Bitcoin.de has been largely on hold since June 12, 2026.
BaFin has communicated to futurum bank that its prior leniency regarding crypto-asset services is no longer valid. The company expects to receive formal notification of the decision and can file an appeal within a month.
Moritz Eckert, CEO of Bitcoin Group, described the decision as “a setback for the company.” Bitcoin Group asserts that it disagrees with BaFin’s evaluation and is contemplating its options, including an appeal or resubmitting a MiCA application at a later time.
Bitcoin.de seeks regulated partners for a trading revival
Rather than wait for another licensing process, futurum bank intends to collaborate with regulated firms in Germany.
Bitcoin Group indicated that an initial regulated partner will act as the trading party for Bitcoin.de customers, while another regulated German entity will handle the custody of customer crypto assets.
The identities of these partners have not been disclosed. While a specific reopening date has yet to be announced, Eckert mentioned that Bitcoin Group is actively working to resume trading on the updated Bitcoin.de application “in the coming weeks.”
This new operational model alters the approach that Bitcoin Group had been preparing prior to the BaFin denial, as futurum bank had anticipated running the revamped platform independently post-MiCA authorization.
A partner-driven model is already in place in other areas of the European crypto landscape. In a report by crypto.news on Nexo’s regulated German partner model, Nexo integrated custody via Tangany and brokerage services through DLT Finance to maintain customer services in the European Economic Area.
Bitcoin Group has not specified whether its planned structure will mimic this contractual arrangement or what additional services the partners will offer aside from trading and custody.
Rejection of MiCA application halts platform overhaul
Throughout most of 2025 and 2026, Bitcoin.de focused on transitioning from its traditional peer-to-peer marketplace model to a more standard crypto trading platform.
Only a week prior to the BaFin ruling, Bitcoin Group announced that the new platform, website, and mobile app had been technologically finalized and had passed both functional and security evaluations.
The planned offerings are set to include over 100 cryptocurrencies, crypto swaps, savings plans, and staking options. The company previously indicated that transactions would be processed within seconds through a reference account, with investment thresholds beginning at €1.
These plans hinged on receiving regulatory approval. On September 29, Bitcoin Group noted that the recommencement of crypto trading was contingent on the successful completion of the licensing process.
Bitcoin.de initially launched its redesigned platform and website in June, but the anticipated trading launch did not materialize as futurum bank awaited BaFin’s ruling.
The organization had already transitioned customer crypto assets to a new custody structure and deactivated the previous trading system as part of this shift. Consequently, trading activities have been largely unavailable since June 12.
Bitcoin Group specified that futurum bank will retain custody of customer assets until they are transferred to the designated regulated custodian, assuring that customer claims remain secure.
BaFin cites insufficient implementation readiness
Bitcoin Group elaborated on the regulator’s reasoning in a corporate statement made shortly after its obligatory market disclosure.
The firm stated that BaFin deemed futurum bank’s current implementation and operational readiness inadequate for authorization. The company’s interpretation of the regulator’s stance suggests that the short-term progress made does not satisfy the remaining requirements.
Bitcoin Group noted that efforts to meet BaFin’s requested measures were already progressing well, maintaining that it views the assessment unfavorably.
BaFin has not issued a separate detailed public ruling elucidating each reason for rejecting futurum bank’s application. Thus, the explanation of the regulator’s reasoning is based on Bitcoin Group’s statements from October 6.
According to MiCA regulations, firms offering covered crypto services must secure authorization from the relevant national authority. BaFin’s guidelines clearly state that German crypto-asset service providers must meet specific application criteria regarding their organization, operations, and compliance with the Digital Operational Resilience Act.
The EU’s framework grants existing firms a temporary transition period. ESMA indicates that eligible providers may operate under national regulations until July 1, 2026, or until their MiCA application is either approved or rejected, whichever occurs first within the applicable transition period.
Germany has emerged as one of the EU’s largest markets for MiCA-licensed providers. In related reporting by crypto.news on Germany’s leading role in MiCA licensing, the country had 79 authorized crypto-asset service providers by late August, surpassing France and the Netherlands.
Trading delays negatively impact Bitcoin Group’s financials
The extended delay in Bitcoin.de’s relaunch has adversely affected Bitcoin Group’s financial results.
For the first half of 2026, Bitcoin Group reported revenues of €1.59 million, a decline from €3.78 million during the same timeframe in 2025.
EBITDA has dropped to a loss of €3.25 million, compared to a €1 million loss from the previous year. Earnings per share were registered at negative €1.02, down from negative €0.33 in the first half of 2025.
The organization attributed the disappointing performance to decreased trading activity, the challenging conditions within the cryptocurrency market, and increased expenditure associated with platform redevelopment and workforce expansion.
As of June 30, Bitcoin Group held €199 million in net crypto assets and reported an equity ratio of 71.8%.
Before BaFin’s rejection, management had already cautioned that delayed MiCA approval complicated projections for customer migration, the platform’s restart, and the adoption of offerings such as staking. Bitcoin Group anticipates a decline in 2026 revenues compared to the previous year and forecasts another negative annual EBITDA.
On October 6, Bitcoin Group shares closed at €27.98 on Xetra, experiencing a decline of 1.96% during the session, as indicated by market data available online. The regulatory announcement was made shortly after the regular German trading hours.
Futurum bank retains the option to contest BaFin’s decision upon receipt of formal notification. The one-month period for objections begins only after that notification and not from the date of Bitcoin Group’s October 6 announcement.
Resubmitting a MiCA application remains a viable alternative. For the time being, the company is focusing on the partner model and will communicate details regarding the new trading counterpart, custodian, and the reopening of Bitcoin.de on the platform’s website once agreements are finalized.