BaFin Denies MiCAR Authorization to Bitcoin Group Subsidiary
Germany’s financial regulator, BaFin, has refused to grant MiCAR authorization to futurum bank AG, the subsidiary of Bitcoin Group SE that operates the bitcoin.de trading platform. The decision was announced by the company on October 6, 2026, following a review process that began on June 27, 2025.
Prolonged Wait Ends in Rejection
The application had been under consideration by BaFin for over 15 months. The rejection comes at a difficult time for bitcoin.de, which has seen trading largely suspended since June 12, 2026. This regulatory setback transforms what was a temporary operational pause into a more significant structural challenge.
Banking License Insufficient for Crypto Services
Futurum bank AG already possesses a banking license, but this was not enough to satisfy regulatory requirements for offering cryptocurrency services under the Markets in Crypto-Assets (MiCAR) regulation. BaFin’s refusal to grant the specific MiCAR authorization signifies an end to the regulator’s previous leniency towards the subsidiary’s crypto operations.
Company Pursues Alternatives Amidst Setback
Moritz Eckert, CEO of Bitcoin Group SE, described the decision as a “blow” but indicated that the company had anticipated the possibility of a refusal and is actively exploring alternative strategies.
Bitcoin Group SE’s stock experienced a decline of approximately 3-5% on the day of the announcement.
Financial Performance and Future Outlook
For the first half of 2026, Bitcoin Group SE reported revenues of €1.59 million, with an EBITDA of negative €3.25 million for the same period. The company projects a continued decrease in full-year revenue and anticipates its EBITDA to remain in negative territory.
Bitcoin Group SE stated its intention to collaborate with regulated German partners to introduce a new trading model via a technologically updated bitcoin.de app. This new structure would involve a division of responsibilities, with one partner managing trading operations and another overseeing custody services. The company is aiming for a rollout within weeks.
Customer assets are reported to be secure throughout this transition period.
The planned revamped platform was initially envisioned as an expansion, with provisions for supporting over 100 crypto assets and incorporating advanced features to enhance user engagement and trading capabilities.
Key Factors to Monitor
The timeline of events highlights the critical nature of the situation: the application was submitted on June 27, 2025, trading suspension began on June 12, 2026, and the refusal was issued on October 6, 2026. The possession of a German banking license did not exempt futurum bank from the requirement of obtaining a dedicated crypto authorization.
With current financial figures showing €1.59 million in revenue and a negative €3.25 million EBITDA, each additional month of disrupted operations exacerbates the company’s financial challenges.
Several key developments will be closely watched: the timely launch of the revamped bitcoin.de app within the targeted weeks; the identification and commitment of regulated German partners for trading and custody; and the impact of the new model on the company’s financial performance, specifically whether it stabilizes revenue or merely slows its decline.
