Germany's financial regulator BaFin has rejected Futurum Bank AG's application to become an authorized crypto-asset service provider under the European Union's Markets in Crypto-Assets (MiCA) regime, forcing Bitcoin.de to restructure its operations.
The rejection ended BaFin's previous tolerance of Futurum Bank's crypto services. Trading on the platform has been largely suspended since June 12, though customers can still withdraw cryptocurrency. Euro deposits remain suspended.
New Operating Model
Bitcoin.de plans to continue operating by partnering with two regulated German institutions. One will act as the trading counterparty for customers, while the other will assume custody of crypto assets. The platform will retain its app, brand, and customer interface under this arrangement.
Futurum Bank will continue holding customer assets until they are transferred to the new custodian. Existing logins and customer claims remain unaffected by the change.
Timeline and Next Steps
Bitcoin.de, which serves more than 1.1 million customers, has not yet identified its partners or announced a firm date for trading to resume. The company stated that agreements are being finalized and that technical work for the relaunch is complete, with regulatory implementation as the primary barrier to restoring full service.
Key milestones ahead include establishing a restart date, returning euro deposits to the platform, and transferring customer assets to the new custodian.
Futurum Bank has one month from formal notification to object to BaFin's decision and can pursue a fresh authorization application. The company faces pressure to finalize partner agreements quickly, as a prolonged trading halt risks driving users to alternative platforms.
