BaFin denies MiCAR license to Bitcoin Group SE’s futurum bank, leaving bitcoin.de in limbo
Key Summary
Germany's financial watchdog, BaFin, has denied MiCAR authorization to futurum bank AG, the subsidiary of Bitcoin Group SE that powers the bitcoin.de trading platform, leaving the platform in limbo. The decision marks the end of BaFin's earlier tolerance of the subsidiary's crypto services. Bitcoin Group SE aims to work with regulated German partners to launch a new trading model through a revamped bitcoin.de app, targeting a rollout within weeks.
- ##What the Decision Means
##The Road Ahead for Bitcoin Group SE The company anticipates a continued decline in full-year revenue and expects EBITDA to stay negative. Bitcoin Group SE says it aims to work with regulated German partners to launch a new trading model through a technologically revamped bitcoin.de app. The structure would split the job in two: one partner would handle trading, while another would take care of custody. The company is targeting a rollout within weeks.
##A Long Wait for a Short Answer The application went in on June 27, 2025. Trading on bitcoin.de was largely suspended on June 12, 2026. The refusal arrived on October 6, 2026. Holding a German banking license did not exempt futurum bank from needing a dedicated crypto authorization.
##What This Means for Investors and the German Market With revenue at €1.59 million and EBITDA at negative €3.25 million, every additional month without normal operations deepens the hole the company will need to climb out of. The things to watch are concrete. First, whether the revamped bitcoin.de app actually launches within the targeted weeks. Second, which regulated German partners sign on for trading and custody. Third, whether the company's next financial update shows the new model stabilizing revenue or simply slowing the decline.