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Ethena Exits Germany, Withdraws MiCAR Operations; Here's Why

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Decrypted finance protocol Ethena Labs has reached an agreement with German watchdog BaFin to end operations in the country.

The firm also announced that it is withdrawing its MiCAR application in Germany .

This development comes following Europe ’s increasing efforts in fostering crypto growth and development.

The ENA token has experienced a severe downturn over the past 24 hours .