Germany’s financial regulator BaFin has rejected Futurum Bank AG’s application for authorization under the European Union’s Markets in Crypto-Assets Regulation, prompting the operator of Bitcoin.de to pursue a new partner-based model for the platform.
Bitcoin Group SE, the parent company of Futurum Bank, said on October 6 that BaFin refused the application submitted on June 27, 2025, after more than 15 months of regulatory review. The regulator also told Futurum Bank that its previous tolerance for providing crypto-asset services no longer applies.
Bitcoin.de has largely remained out of operation since June 12, 2026. Following the rejection, Futurum Bank plans to work with a regulated German institution to bring trading back through the platform’s renewed app.
Bitcoin.de to Use Regulated Partners
Under the proposed setup, a regulated German institution would initially serve as the trading partner for Bitcoin.de customers. A separate regulated company would handle custody of their crypto assets.
The companies have not yet been named. Futurum Bank said it would share more details through the Bitcoin.de website once the arrangements are in place.
The new setup is different from the model Bitcoin Group had been preparing, under which Futurum Bank would operate the platform after securing its own MiCAR authorization. The company is now looking to regulated third parties to handle key parts of the service.
Futurum Bank said the arrangement is intended to help customers return to trading through the renewed Bitcoin.de app in a timely manner.
Customer Assets Remain Secure
The rejection does not affect customers’ claims over their assets, according to Bitcoin Group. Futurum Bank will continue to hold customer assets securely until they can be transferred to the alternative regulated custodian. Bitcoin Group said customers’ claims will remain fully intact.
Bitcoin Group and Futurum Bank are reviewing the BaFin decision and can lodge an objection within one month after formal notification. Futurum Bank can also submit a fresh authorization application in the future.
MiCAR Reshapes Crypto Market
Bitcoin.de’s planned structure comes as crypto companies across Europe adapt their operations to the EU’s MiCAR framework. In July, Nexo said it had expanded its regulated European setup through partnerships with licensed providers, using third-party firms for services including custody and brokerage.
Other companies have taken a more direct licensing approach. ClearBank Europe secured MiCAR approval for crypto services in April, while DZ Bank received MiCAR approval for retail crypto trading in January, highlighting the growing number of regulated institutions entering the European digital-asset market.
Bitget EU has also been pursuing MiCAR authorization in Austria, where its application was under regulatory review in June. The different approaches show how crypto firms are adapting their European operations as the new framework takes effect, either through direct authorization or partnerships with regulated providers.
For Bitcoin.de, the partner-based model offers an alternative to waiting for Futurum Bank to secure its own authorization before restoring trading services. The company has not yet named the institutions it plans to work with or provided a specific date for the trading restart.
MiCAR Setback After Lengthy Review
Futurum Bank filed its MiCAR application on June 27, 2025, seeking approval to operate as a crypto-asset service provider under the EU framework.
The review took more than 15 months, and Bitcoin Group said management had already prepared for the possibility that the application could be rejected.
At the same time, Bitcoin.de had been working on a renewed platform and preparing for a broader relaunch. The new partner-based structure now changes how key trading and custody services are expected to be delivered.
For customers, the focus is now on when trading can resume under the new setup. Futurum Bank, meanwhile, is reviewing its options following BaFin’s decision, including a possible objection or another authorization application. Bitcoin Group said it will inform the capital market of any material further developments.
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