BaFin rejects Bitcoin.de’s MiCA authorization and trading remains largely suspended

Germany’s financial regulator, BaFin, rejected the application for authorization under MiCA submitted by futurum bank AG, a subsidiary of Bitcoin Group SE and operator of Bitcoin.de. The company announced the decision on October 6, 2026, after more than 15 months of review. Trading on the platform has remained largely suspended since June 12.

The rejection puts futurum bank’s plan to provide crypto-asset services directly under that authorization on hold. Bitcoin Group said it is reviewing the decision and may file an objection or submit a new application. In parallel, it is exploring an alternative model to try to restore activity with regulated entities.

A banking license does not replace MiCA authorization

Futurum bank held a banking license, but that authorization was not equivalent to the specific permission it needed for the crypto-asset services covered by its application. MiCA, the European Union regulation on markets in crypto-assets, sets authorization requirements for providers of those services. In this case, BaFin denied futurum bank’s application.

The published information does not specify all the reasons for the decision. It therefore does not make it possible to determine whether the regulator’s objections could be addressed through changes to the application or whether they affect broader aspects of the operating model.

The alternative depends on partners who have not yet been identified

Bitcoin Group is seeking to resume the service through regulated partners in Germany. Under the arrangement the company has described, third parties would take on functions such as executing trades and safeguarding crypto-assets. The group is also considering a technologically upgraded Bitcoin.de app and has said it aims to make progress within weeks.

However, the company has not identified potential partners or confirmed a reopening date. The reference to a near-term rollout is the company’s expectation, not a guarantee that trading will resume within that timeframe. The plan’s viability will depend on the agreements and authorizations applicable to each participant.

The pause in activity began before BaFin’s rejection: Bitcoin.de had already kept much of its trading suspended since June while futurum bank awaited a regulatory response. The denial therefore does not start the suspension, but it does require the group to seek a different structure for providing the service.

What is known about custody and financial results

Bitcoin Group said that customer assets remain safe. Separately, an August update from Bitcoin.de stated that customer crypto-assets had been transferred to new custody infrastructure and that the previous trading system had been shut down. This is information reported by the company; on its own, it does not confirm when trading will become available again.

The rejection also comes amid financial pressure. Bitcoin Group reported revenue of €1.59 million and negative EBITDA of €3.25 million for the first half of 2026. The company forecast that full-year revenue would continue to decline and that EBITDA would remain negative. The available data do not specify what portion of those results relates to Bitcoin.de or how much it would cost to implement the alternative model.

For customers and business partners, the next relevant details will be the identities of the entities that would take on operational functions, the scope of the services they could provide, and any confirmed timeline for resuming trading. Until the company announces those details, there is no public reopening date.