MiCA rejection forces German crypto platform into operational overhaul
Key Summary
Bitcoin.de, a German crypto platform, is rebuilding its operating model after German regulators rejected its MiCA authorization, forcing it to outsource trading and custody to outside partners. The decision has led to a prolonged trading halt and raised concerns about the platform's future. 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.
New Operating Model
Bitcoin.de is rebuilding its operating model after German regulators rejected its MiCA authorization, forcing it to outsource trading and custody to outside partners. The decision has led to a prolonged trading halt and raised concerns about the platform's future. Bitcoin Group said Futurum Bank had applied for MiCA authorization in June 2025, leaving the process unresolved for more than 15 months.
Regulatory Landscape
BaFin's rejection 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.
Partner Structure
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 the firm has 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.
Focus on Technology
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.
Next Steps
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.