BitGo Secures German Crypto Custody Licence from BaFin

BitGo, a leading US-based cryptocurrency custody firm, has achieved a significant milestone by obtaining a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin).

Overview

On May 12 2025, BitGo Europe announced that it had received a Markets in Crypto-Assets Regulation (MiCA) licence from BaFin, allowing it to offer digital asset services across the European Union. This development solidifies BitGo’s presence in the European market and underscores Germany’s pivotal role in digital asset regulation.  BitGo Europe managing director Herald Patt said, “This licence underscores our commitment to the highest standards of security, transparency, and trust.”

Strengthening Regulatory Compliance in Europe

BitGo’s journey in Germany began in 2019 when it started storing crypto assets for clients under BaFin’s supervision as part of a transitional regime. The recent acquisition of the full crypto custody license marks the culmination of years of diligent work to meet stringent regulatory standards.

“BaFin is recognised as one of the world’s key trendsetters in crypto regulation,” said Dejan Maljevic, Managing Director of BitGo Europe. “It enables digital currencies’ progress while creating a secure regulatory framework. We have worked hard to obtain this license. Now we are pleased to have reached this milestone.” This licence enhances BitGo’s credibility and allows it to offer its custodial services more broadly across Europe, aligning with the MiCA regulation framework.

Commitment to Security and Client Trust

BitGo Europe GmbH strongly emphasises the security of its clients’ assets. Most customer keys are stored locally in cold storage within Germany, safeguarded by multiple security measures, including proprietary technologies that have become industry standards. This robust security infrastructure ensures that assets are protected against potential threats.

“To guarantee the safety of the stored assets, at BitGo Europe GmbH, the majority of the customer keys are stored locally in cold storage in Germany,” the company stated. “They are protected by multiple security measures, including proprietary technologies that are considered de facto industry standards. Therefore, BitGo assumes liability for the assets stored in cold custody and has insured them accordingly.” This commitment to security has attracted well-known neobrokers who entrust their customers’ digital assets to BitGo, reflecting the firm’s reputation for reliability and trustworthiness in the crypto custody space.

Expanding Global Footprint and Future Prospects

The German license is part of BitGo’s broader strategy to expand its global presence. In addition to Germany, BitGo has established regulated entities in Switzerland and obtained a New York Trust license in 2021, allowing it to operate as an independent custodian in the state. In August 2023, BitGo raised $100 million in a Series C financing round, bringing the company’s valuation to $1.75 billion. 

This funding is expected to fuel further expansion and innovation in the digital asset custody space. “Germany is playing an increasingly important role in digital asset custody and regulation,” said Mike Belshe, CEO of BitGo, Inc. “Together with BaFin, we are pleased to bring the best-in-class crypto custodial services to our clients in Germany and Europe.”

As Germany continues positioning itself as a leader in crypto regulation, BitGo’s licensed operations signify a significant step forward in providing secure and compliant digital asset services to institutional investors across Europe.