BaFin denies MiCAR license to Bitcoin Group SEās futurum bank, leaving bitcoin.de in limbo
Germany's financial regulator rejected the subsidiary's crypto authorization after more than 15 months, forcing the company to lean on outside partners
Germany’s financial watchdog has said no. BaFin refused to grant MiCAR authorization to futurum bank AG, the subsidiary of Bitcoin Group SE that powers the bitcoin.de trading platform, according to a company announcement on October 6, 2026.
The application had been sitting with the regulator since June 27, 2025. That is more than 15 months of waiting, only to be shown the door.
The rejection lands on a platform that was already mostly dark. Trading on bitcoin.de has been largely suspended since June 12, 2026, so the refusal turns a temporary pause into something closer to a structural problem.
What BaFin’s refusal actually means
Futurum bank AG already holds a banking license. That turned out not to be enough. The bank still needed a separate MiCAR authorization to offer crypto services, and that is the piece BaFin declined to hand over.
The refusal also marks the end of BaFin’s earlier tolerance of the subsidiary’s crypto services.
CEO Moritz Eckert called the decision a blow. He also said the company had prepared for the possibility of a refusal and is pursuing alternatives.
Bitcoin Group SE stock fell by approximately 3-5% on the day of the announcement.
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The numbers behind the pause
For the first half of 2026, Bitcoin Group SE reported revenue of ā¬1.59 million. EBITDA for the same period came in at negative ā¬3.25 million.
The company anticipates a continued decline in full-year revenue and expects EBITDA to stay negative.
Plan B: outsourcing the regulated parts
Bitcoin Group SE says it aims to work with regulated German partners to launch a new trading model through a technologically revamped bitcoin.de app. The structure would split the job in two: one partner would handle trading, while another would take care of custody. The company is targeting a rollout within weeks.
The company has stated that customer assets remain secure during the transition.
The revamped platform was originally pitched as an expansion. Plans called for support of more than 100 crypto assets, along with advanced features meant to boost user engagement and trading capabilities.
Background: a long wait for a short answer
The application went in on June 27, 2025. Trading on bitcoin.de was largely suspended on June 12, 2026. The refusal arrived on October 6, 2026. Holding a German banking license did not exempt futurum bank from needing a dedicated crypto authorization.
What this means for investors and the German market
With revenue at ā¬1.59 million and EBITDA at negative ā¬3.25 million, every additional month without normal operations deepens the hole the company will need to climb out of.
The things to watch are concrete. First, whether the revamped bitcoin.de app actually launches within the targeted weeks. Second, which regulated German partners sign on for trading and custody. Third, whether the company’s next financial update shows the new model stabilizing revenue or simply slowing the decline.