BitGo Breaks Into EU: US Crypto Custodian Secures BaFin Nod Under MiCA

Germany’s financial watchdog just handed BitGo the golden ticket—the first US-based crypto custodian to clear MiCA compliance hurdles. Now Europe’s institutional crypto market is in its crosshairs.

Why it matters: While EU regulators obsess over stablecoin rules, American firms are quietly colonizing the post-MiCA landscape. Guess Wall Street’s ’crypto winter’ was just a vacation.

The play: BitGo’s Berlin outpost will leverage BaFin’s stamp of approval to onboard asset managers still skittish after the $100B custody fiascos of 2022. Because nothing reassures like a regulator’s rubber stamp—until the next blowup, anyway.

Recent Power Moves By BitGo

In 2023, BitGo’s EU headquarters was established in Frankfurt in 2023.

The company noted that the EU has quickly become a global hub for digital asset innovation, driven by MiCA’s clear, harmonized approach to regulation. “From staking to stablecoins, the new framework has accelerated institutional participation while increasing trust in the market,” said BitGo. 

On the other side of the pond, BitGo is preparing to apply for banking licenses in the US. According to the Wall Street Journal report dated 21 April 2025, among other crypto companies, BitGo isready to capitalise on the current US government’s pro-crypto stance.

In February 2025, the company launched a global over-the-counter (OTC) trading desk for digital assets as it prepares for a potential initial public offering (IPO) later this year. The new platform aims to meet growing institutional demand for spot, derivatives, lending, and yield-generating services across the crypto market.

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Key Takeaways

• The MiCA license allows BitGo to operate seamlessly across all EU member states. It eliminates the need for separate national approvals and reducing legal and operational complexity.

•  The license was granted by Germany’s BaFin to BitGo Europe GmbH, which is headquartered in Frankfurt and established as BitGo’s EU base in 2023.