Melker Bengtsson
TL;DR
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BaFin has refused bitcoin.de's MiCA license application after a 15-month wait, and has yet to go on the record with an explanation.
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Trading on the platform has been largely frozen since June 12th, affecting over 1 million registered users.
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Bitcoin.de is planning to restart trading through regulated German partners "within the next few weeks."
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Shares of Bitcoin Group fell about 5% on the news, after revenue for Q1 and Q2 combined was down 58%.
BaFin, the German Federal Financial Supervisory Authority, has refused bitcoin.de’s MiCA license application. Bitcoin.de is one of Germany’s oldest Bitcoin trading platforms, founded in 2011. Trading on the platform has been largely frozen since June 12th of this year. That’s when the platform began its move from peer-to-peer to a broker platform. It was supposed to open back up again on July 1st but the MiCA license got in the way.
Over 1 million registered users are affected by BaFin’s decision. Bitcoin.de is planning to restart trading through regulated German partners “within the next few weeks.”
A 15-Month Wait Ends in Refusal
The platform applied on June 27th, 2025, so this decision came after a 15-month wait. So far, BaFin has yet to go on the record with an explanation for the refusal but Moritz Eckert, CEO of the platform’s parent company Bitcoin Group, said about the refusal:
In Bafin's view, however, the current level of implementation and operationalisation, as well as the further progress achievable in the short term, are not sufficient, making a refusal of authorisation unavoidable at this point in time.
Bitcoin Group disagrees, according to Eckert:
We take a different view, but had prepared for the possibility of a refusal.
Bitcoin.de can now choose to object to the decision within a month of formal notice, or reapply at a later date. No statement has been made on what they’ll do.
Shares of the Bitcoin Group fell about 5% on the news. This comes after a tough couple of quarters for the company. Revenue for Q1 and Q2 combined was down 58% and EBITDA was -€3.25m, compared to -€1.0m for the same period last year.
Broker Platform Move Wasn't Enough to Appease BaFin
The move from a peer-to-peer to a broker platform was reportedly done to comply with the MiCA regulation, but apparently it wasn’t enough to appease BaFin. In Germany, the deadline for MiCA compliance was set by German law to December 31st of 2025, but BaFin tolerated bitcoin.de’s crypto services while its application was pending.
Until they can get their own license, bitcoin.de will soon re-open their app and allow customers to trade and custody via third parties integrated into the app. The app promises customers the option to trade with 100+ coins.
It remains to be seen if customers will stay with an app that has now been closed for trading for four months.
