Ethena Labs, the blockchain company behind a decentralized application platform (DApp) known for its NFT minting and trading functionalities, has ceased operations in Germany. This closure follows a voluntary agreement reached with the German regulator, BaFin, to cease all activities of Ethena GmbH. The company will no longer seek MiCAR authorization in Germany, according to a statement released on X (formerly Twitter). Since March 21, 2025, Ethena GmbH has been inactive, with all operations now carried out by Ethena (BVI) Limited, which has ensured uninterrupted service for existing users. All whitelisted transactions and user interactions have been transitioned to the BVI-based entity without any disruptions. As a result of this agreement, Ethena GmbH no longer has any active users or clients.