Bitcoin.de turns to partners after BaFin refuses futurum bank’s MiCA application
Bitcoin Group SE plans to relaunch Bitcoin.de with regulated partners after Germany’s BaFin refused a MiCA authorization application from its subsidiary, futurum bank AG. Trading had already been largely suspended for months. The company has not named its proposed partners or set a firm reopening date.
- BaFin refused futurum bank’s application on October 6, 2026.
- Bitcoin Group proposes separate partners for trading and custody.
- The new platform has reportedly passed testing, but is not yet operating.
- First-half revenue fell to €1.59 million; EBITDA was negative €3.25 million.
BaFin refusal came after trading was suspended
Futurum bank, a wholly owned subsidiary of Bitcoin Group, filed its MiCA application on June 27, 2025. Bitcoin Group says BaFin refused it after a licensing process that lasted more than 15 months. CEO Moritz Eckert called the decision “a setback for us.”
The timing matters. Bitcoin.de trading had been largely suspended since June 12, 2026, before BaFin announced its decision. Bitcoin Group had said the restart depended on completing the licensing process. It also said it switched off the old trading system during the platform changeover. BaFin’s refusal did not start the suspension, but it adds another obstacle to the relaunch.
MiCA is the European Union’s framework for crypto-asset markets. Firms that provide covered services generally need authorization from the relevant regulator. Bitcoin Group says BaFin found futurum bank’s implementation and operational readiness insufficient. That is the company’s account of the regulator’s reasoning. As of the announcement, BaFin had not published a separate, detailed explanation of each ground for refusal.
Bitcoin Group disagrees with BaFin’s assessment. The company says futurum bank may object within one month of receiving formal notification of the decision. The period does not begin with the October 6 announcement. Bitcoin Group is also considering a new application, but has not said whether it will object, reapply, or do both.
Bitcoin Group proposes separate partners for trading and custody
The company proposes splitting two key functions between regulated German institutions. One partner would act as trading counterparty for Bitcoin.de customers, while another would hold their crypto assets. Bitcoin Group has not named either firm or explained the contractual and operational arrangements.
A trading counterparty facilitates a trade or takes the other side of it. A custodian holds crypto assets for customers. Different providers can take on those roles, but the labels alone do not tell customers how trades will settle, how assets will be handled, or which firm they could make a claim against if something went wrong.
Bitcoin Group says futurum bank will retain custody until customer assets are transferred to the planned regulated custodian, and says customer claims remain intact. These are assurances from the company, not independent confirmation of the legal protections or transfer process. The company has also said it moved customer crypto holdings to new custody infrastructure during the changeover. It has not clarified whether that migration took place within its own infrastructure or to an outside custodian.
Tested platform, unconfirmed launch
Bitcoin Group is moving Bitcoin.de from its older peer-to-peer marketplace model toward a more conventional crypto trading platform. The company said the redesigned platform, website and mobile app had passed functional and security testing about a week before BaFin’s decision. Passing those tests does not, on its own, show that the platform is authorized or ready to operate under the proposed partner model.
Bitcoin Group has outlined plans to offer more than 100 cryptocurrencies, swaps, savings plans and staking. It had also said transactions would be processed in seconds through a reference account, with investments starting at €1. These are announced features, not confirmation that every product will be available at launch or remain unchanged.
Eckert said the company was working to restore trading through the rebuilt app “within the next few weeks.” That is a target, not a confirmed reopening date. The partners, their roles and the terms customers would use remain undisclosed.
Revenue fell as rebuild costs rose
Bitcoin Group reported first-half 2026 revenue of €1.59 million, down from €3.78 million in the first half of 2025. EBITDA, a measure of operating performance before interest, taxes, depreciation and amortization, was a loss of €3.25 million, compared with a €1 million loss a year earlier.
Earnings per share were negative €1.02, compared with negative €0.33 in the first half of 2025. Bitcoin Group also reported €199 million in net crypto assets as of June 30 and an equity ratio of 71.8%. Net crypto assets are a company balance-sheet measure, not customer assets held in custody.
The company attributed the weaker results to lower trading activity, crypto-market conditions and increased spending on the platform rebuild and workforce expansion. It expects 2026 revenue to fall from the previous year and forecasts another negative full-year EBITDA. These are management’s explanations and forecasts. The reported figures do not show how much each factor contributed.
Key questions about Bitcoin.de’s relaunch
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Why is Bitcoin.de trading largely suspended?
Trading was largely suspended from June 12, 2026, during the platform changeover, before BaFin refused futurum bank’s application. Bitcoin Group had said the relaunch depended on completing the licensing process, but the refusal did not start the suspension.
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What is Bitcoin Group’s proposed alternative?
It plans to use one regulated German institution as trading counterparty and another as custodian. Neither partner has been named, and the company has not disclosed the precise arrangements.
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When will Bitcoin.de reopen?
There is no firm date. Eckert said the company was working to restore trading “within the next few weeks, ” but that was not a confirmed schedule.
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Can futurum bank challenge BaFin’s refusal?
Bitcoin Group says futurum bank may object within one month of formal notification. The company has not confirmed whether it has filed an objection or decided to submit a new application. The relevant MiCA transitional provisions address how certain existing crypto-asset service providers may operate during the transition.
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Have customer assets moved to the planned new custodian?
Bitcoin Group says futurum bank will retain custody until the assets are transferred to the intended custodian. The company has not disclosed the transfer timetable or process.
The relaunch depends on details Bitcoin Group has yet to provide: which firms will handle trading and custody, what responsibilities each will take on, and when customers can use the platform again. The EU’s MiCA deadline adds pressure on firms to settle their authorization arrangements.
