Bitcoin Group SE is working on an alternative operating model for its bitcoin.de trading platform after the German Federal Financial Supervisory Authority (BaFin) refused the Markets in Crypto-Assets Regulation (MiCA) authorization application filed by its subsidiary, futurum bank AG.

In an ad-hoc announcement published Oct. 6, the company described the decision as a setback but said it had prepared for the possibility of a refusal. Bitcoin Group SE is reviewing the decision and retains the option to lodge an objection or submit a new application in the future. Ad-hoc announcements of this kind are the disclosure format EU market-abuse rules require listed companies to use for material inside information.

The group added that it is also pursuing ways to resume trading through regulated partners “as quickly as possible.”

“Our priority now is to implement the alternative operating model and to keep our customers transparently informed about the next steps,” said Moritz Eckert, CEO of Bitcoin Group SE.

MiCA is the European Union’s framework for regulating crypto-asset markets and requires crypto-asset service providers to obtain authorization to operate across the bloc. The regulation’s authorization regime for such providers has applied since the end of 2024, with transitional windows for firms previously operating under national rules differing from member state to member state. The BaFin refusal underscores that authorization is not automatic for platforms that were active in Germany before the new regime took effect.

bitcoin.de is a German cryptocurrency trading platform operated by futurum bank AG, a subsidiary of Bitcoin Group SE. According to the company, the platform has more than 1.1 million registered users. It originally launched as a peer-to-peer marketplace that matched customers buying and selling crypto with one another.

This year, the operator revamped the platform to run as a brokerage, with planned offerings including support for more than 100 cryptocurrencies, crypto swaps and staking. The relaunch had been expected in late June but was postponed while futurum bank awaited MiCA authorization. With that authorization now refused, the brokerage rollout hinges on the company securing a viable operating model — whether through its own alternative structure, a fresh application, or a partnership with an authorized firm.

In an August update, bitcoin.de said customers’ crypto holdings had already been moved to new custody infrastructure and that its previous trading system had been switched off. Trading activity has been largely suspended since June 12. Attention now turns to whether Bitcoin Group SE lodges an objection with BaFin, submits a new application, or announces a regulated partner through which bitcoin.de can resume service.