Ethena Labs is officially closing its German branch and EU operations after a previous MiCA application rejection. For the past month, the firm has been preparing to withdraw from this market.
Although the exit was anticipated, ENA reacted notably, with the altcoin falling over 7% after today’s announcement.
At the time, the firm suggested that this was a minor setback and that it would focus on other markets. Today, it announced that its German branch is winding down altogether.
“We have agreed with BaFin to wind down all activities of Ethena GmbH and will no longer be pursuing the MiCAR authorization in Germany. All whitelisted… users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead. As a result, Ethena GmbH no longer has any direct customers,” it claimed.
The statement further claimed that Ethena GmbH, the German branch, “has not conducted any mint or redeem activity” since the regulators’ MiCA ruling.
Specifically, regulators banned all sales of the USDe stablecoin, putting serious restrictions on the firm. In other words, this outcome is fairly expected. Ethena (BVI) Limited has taken over the German branch’s users.
The network’s governance token, ENA, has seen notable price swings around its MiCA efforts. In Early March, when Ethena Labs was reportedly on track to receive regulatory approval, ENA broke out of multi-month lows and nearly reached $2.5 billion in mark cap.
However, since the rejection, ENA saw continued bearish pressure, which was exacerbated by the macroeconomic conditions across the market. Today’s announcement drove further decline.
Paris Blockchain Week 2025, Europe’s flagship blockchain and Web3 event, wrapped up its sixth edition at the iconic Carrousel du Louvre, once again raising the bar for global industry gatherings. With over 9,600 attendees from 95 countries, including 67% C-suite executives, this year’s event underscored the growing influence of blockchain across the broader tech and financial sectors.
More than 500 speakers took the stage, including major names like Charles Hoskinson (IOHK), Monica Long (Ripple), Adam Back (Blockstream), and Clara Chappaz (France’s Minister Delegate for AI & Digital Affairs), reflecting the event’s global reach.
Spotlight: PSG × Matchain Side Event – A Landmark Moment in Sports & Web3
One of the standout moments of the week took place outside the main conference venue at the iconic Parc des Princes, where Paris Saint-Germain and Matchain hosted a special side event announcing the launch of their Joint Innovation Studio.
BeInCrypto joined as the official media partner for this exclusive gathering, which brought together sports executives, blockchain leaders, and technologists to explore the future of decentralized identity, fan engagement, and Web3 innovation in sports.
Petrix Barbosa, CEO of Matchain, announced the initiative and celebrated Matchain’s award for Innovation of the Year, spotlighting their pioneering work in tokenized identity solutions.
Pär Helgosson, Head of PSG Labs, emphasized PSG’s continued push to integrate Web3 technologies into fan experiences and digital strategy.
The atmosphere at the stadium matched the ambition of the project, merging cutting-edge blockchain use cases with the passion and scale of global sports. As media partner, BeInCrypto provided exclusive coverage, interviews, and behind-the-scenes insights from this milestone event.
Exclusive Interviews with Web3 Leaders at Paris Blockchain Week
Throughout the week, the BeInCrypto team conducted high-level interviews with thought leaders and executives shaping the future of blockchain:
Aimann Faizz, Head of Business Development at CoinGecko
Andrey Fedorov, Chief Marketing Officer and acting Chief Business Development Officer at STON.fi
Pierre Samaties, CEO of Dfinity Foundation
Alexis Yellow, Founder and Executive Chairman, Yellow
Robby Yung, CEO, Animoca Brands
Javier Rodriguez-Alarcon, COO, XBTO
David Prinçay, director, Binance France
Their insights touched on everything from decentralized finance and tokenized data to semantic identity and sports monetization via blockchain.
Industry Themes and Investor Highlights
A recurring message across the conference was the resilience of blockchain technologies amid economic uncertainty and regulatory transformation. Speakers like Charles Hoskinson and Monica Long emphasized blockchain’s foundational role in shaping future financial systems.
Regulatory spats between the USA and EU have sparked lively debates, with many nodding in agreement that MICA stands as a cornerstone for clearing up the crypto circus on one side of the Atlantic. Meanwhile, the tokenization of real-world assets has become the hot new trend on the block. Following the ETF bandwagon, it appears even the old-school financial giants are seeing tokenization as their golden ticket into the crypto world.
Meme coins, those oddballs of the crypto market, continue to hold their ground as a quirky yet surprisingly significant sector, even though the recent market dip has widened the rift between the staunchly “serious” Bitcoin advocates and the more colorful meme coin enthusiasts.
Beyond the buzz of tokenization, utility coins are tiptoeing back into the spotlight, though hitting a critical mass of users is proving to be a bit like herding cats – a major roadblock on their path to stardom.
As for the tech vanguards, security and scalability remain their pet peeves, with fresh solutions popping up left and right. The ongoing tug-of-war between achieving robust decentralization and actually making these solutions user-friendly continues to fuel fiery debates among the most tech-obsessed attendees at the event.
On the investor side, the “Start in Block” pitch competition attracted 1,000+ startups and 400+ investors, with €10 million in funding up for grabs. Meanwhile, side events like AgentX, Bitcoin Investors Day, and an exclusive VIP dinner under the Louvre Pyramid kept the conversations and deal-making going beyond the conference floor.
Global Coverage & Media Reach
With more than 400 journalists attending from top global outlets, media coverage of PBW 2025 reached unprecedented levels, reinforcing its role as a platform where narratives around innovation and regulation are actively shaped.
About Paris Blockchain Week
Held annually in Paris, PBW is one of the largest and most respected events in the blockchain calendar. The 2025 edition took place April 8–10 at Carrousel du Louvre, hosting over 400 speakers and creating more than 36,000 in-app meetings, making it a global epicenter for Web3 dialogue and partnerships.
Ripple’s Chief Technology Officer, David Schwartz, has confirmed that the Ripple USD (RLUSD) stablecoin can be temporarily halted or reversed to comply with legal or regulatory requirements.
Schwartz’s statement comes after Senator Bill Hagerty updated the GENIUS Act. The bill requires stablecoin issuers to implement technology that allows freezing, seizing, or stopping transfers when legally mandated.
Ripple Technology Enables Freezing of RLUSD Stablecoin
“Requires the permitted payment stablecoin issuer to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the permitted payment stablecoin issuer.”
Attorney Jeremy Hogan took to social media platform X (formerly Twitter) to question the bill’s practical implications. He particularly stressed the technological capabilities required for stablecoin issuers to implement the proposed rule.
“So, can Ripple or Circle actually freeze RLUSD or USDC once it’s transferred? I didn’t think that was possible for either,” Hogan posted.
In response, Schwartz confirmed that this is indeed possible.
“RLUSD can be frozen or clawed back,” he answered.
Schwartz clarified that this functionality is essential to ensure that the balances on the ledger remain aligned with the legal obligations of the issuer. Since off-ledger events, like court orders, can change or nullify those obligations, it’s important for issuers to have the ability to update the ledger as needed.
It should be noted that in January, the XRP Ledger (XRPL) activated the clawback amendment. This followed a 90% vote from its community.
This change allows token issuers to retrieve tokens from wallets that have been deposited into Automated Market Maker (AMM) pools. This, in turn, helps maintain adherence to regulatory requirements. Given that RLUSD is natively issued on both the XRP Ledger and Ethereum (ETH) blockchains, the clawback functionality applies to it as well.
The bill also stipulates federal oversight for stablecoin issuers with market values exceeding $10 billion. At present, only Tether (USDT) and USD Coin (USDC) meet this threshold.
Meanwhile, RLUSD is a relatively new stablecoin. Ripple launched it on December 17, 2024. In addition, BeInCrypto data shows that it currently has a market capitalization of 135.1 million.
Therefore, as per the act, it will remain under state regulation. However, the state should also follow a framework comparable to federal standards.
Chinese authorities dismantled a Bitcoin (BTC) laundering operation involving employees of Kuaishou, the country’s second-largest TikTok-style video-sharing platform.
China remains one of the most stringent regulatory environments for cryptocurrencies globally. Its near-total ban is driven by concerns over financial stability, capital flight, crime, and environmental impact.
Kuaishou Employees Imprisoned for $20 Million Bitcoin Scheme
The Haidian District People’s Procuratorate in Beijing reported that company insiders embezzled nearly 140 million yuan (around $20 million).
Reportedly, they used Bitcoin to conceal and move the funds through a sophisticated network of crypto exchanges and mixers.
The case revealed how the group funneled the stolen funds through eight overseas cryptocurrency exchanges, leveraging coin mixing services to obfuscate the transaction trail.
Despite their efforts, investigators tracked down the flows and ultimately recovered 92 BTC, worth approximately 89 million yuan ($11.7 million), which was returned to the company. A prosecutor from the Haidian Procuratorate described the case as emblematic of new trends in digital corruption.
“This case highlights three notable features of modern digital-era corruption: Small officials with big corruption, money laundering with virtual currency, and weak corporate risk management awareness,” local media reported, citing prosecutor Li Tao.
Feng, the main perpetrator, and seven co-conspirators were convicted of occupational embezzlement. Their sentences ranged from three to fourteen years in prison, along with financial penalties.
The verdict, delivered by the Haidian District People’s Court, emphasizes China’s growing capacity to trace digital assets even through layers of anonymizing tools.
This case is significant beyond the size of the funds, reflecting a rising trend where commercial corruption is intertwined with emerging technologies like crypto. This allows perpetrators to conduct high-tech laundering beyond traditional regulatory reach.
Similarly, the Chinese government declared all crypto-related transactions illegal, solidifying the ban and prohibiting overseas exchanges from serving Chinese citizens. BeInCrypto reported aChinese court ruling that crypto futures trading constitutes gambling, convicting BKEX employees for “opening a casino.”
