Quick Take
- Germany rejected Bitcoin.de operator Futurum Bank’s MiCA bid, forcing the platform to rebuild around outside partners.
- The 1.1 million-user platform will shift trading and custody to regulated firms while withdrawals remain open.
- The key risk is timing: Bitcoin.de must finalize partners before a prolonged trading halt pushes users elsewhere.
Bitcoin.de is rebuilding its operating model after German regulators rejected its MiCA authorization, forcing it to outsource trading and custody to outside partners.
BaFin refused the application filed by Futurum Bank AG, the Bitcoin.de operator, to become an authorized crypto-asset service provider under the European Union’s Markets in Crypto-Assets (MiCA) regime.
The decision also ended the regulator’s previous tolerance of Futurum Bank’s crypto services, while trading on the platform has already been largely suspended since June 12.
Customers can still withdraw crypto, though trading and euro deposits remain suspended. Futurum Bank will continue holding assets until they are transferred to a new custodian, while existing logins and customer claims remain unaffected.
Bitcoin Group said Futurum Bank had applied for MiCA authorization in June 2025, leaving the process unresolved for more than 15 months.
MiCA rejection forces a structural reset
After BaFin's rejection, the firm's management said it had prepared an alternative structure that would let it move quickly.
As a result, Bitcoin.de plans to keep its platform running through two regulated German institutions, with one acting as customers’ trading counterparty and another taking over crypto custody. The platform would retain its app, brand and customer interface while the licensed partners handle the regulated functions.
The shift would leave Bitcoin.de focused more heavily on technology, distribution and customer relationships, while regulated partners take responsibility for execution and custody. That structure could preserve the marketplace without requiring Futurum Bank itself to perform the activities BaFin declined to authorize.
The company, which says it serves more than 1.1 million customers, has not identified either partner or given a firm date for trading to resume. It said the agreements are being finalized and restoring service remains a priority.
Bitcoin Group and Futurum Bank are still reviewing the regulator’s decision and can object within one month of formal notification. A fresh authorization application also remains possible.
For now, the commercial pressure is on completing the partner agreements before the prolonged trading halt pushes more users elsewhere. Bitcoin.de says the technical work for the relaunch is complete, leaving regulatory implementation as the main barrier to restoring full service.
The next milestones are a restart date, the return of euro deposits and the transfer of customer assets to the new custodian.
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