EU CRYPTO REGISTER · AUTHORISED · LAST VERIFIED
Is Hyphe Markets GmbH licensed under MiCA in the European Union?
Hyphe Markets GmbH's European entity (Hyphe Markets GmbH) is recorded as an authorised Crypto-Asset Service Provider under the EU's Markets in Crypto-Assets Regulation, with its authorisation issued by Germany on 24 November 2025.
Verdict: Hyphe Markets GmbH appears in the ESMA Register of MiCA-Authorised CASPs.
| Legal entity | Hyphe Markets GmbH |
|---|---|
| Home Member State | Germany |
| National Competent Authority | Federal Financial Supervisory Authority (BaFin) |
| Authorisation date | |
| Legal Entity Identifier (LEI) | 3912000K5NAA00M4HH04 |
| Authorised services | Exchange for funds |
Source: ESMA Register of Crypto-Asset Service Providers. Retrieved 30 June 2026.
About Hyphe Markets GmbH
Hyphe Markets GmbH is the German entity of Hyphe, a business-to-business digital-asset liquidity provider rather than a consumer crypto exchange, bank or custodian. According to its own website, Hyphe serves financial institutions - banks, brokers and asset managers - giving them access to trading and settlement liquidity via an API so that they can offer digital-currency trading to their own clients. The company states it provides access to 'banking-grade liquidity 24/7' and helps institutions calculate fair market prices and integrate the set-up for their needs. It is led by Co-Founder and CEO Dolf Diederichsen. Source: hyphe.com
Research summaries describe Hyphe as founded in 2022, with the German legal entity Hyphe Markets GmbH based in Munich and the parent group headquartered in Amsterdam. The service is described as multi-asset, covering Bitcoin and Ethereum among other digital assets, and centred on spot trading and liquidity provision to regulated counterparties rather than retail consumers. The same research indicates Hyphe does not directly offer custody, savings or recurring-buy plans, staking or payment cards to consumers, and that the Amsterdam parent has been registered with the Dutch central bank (DNB) as a crypto service provider since 2020. Sources: FinTech Consult profile, FX News Group
On the legal point, the contracting entity is Hyphe Markets GmbH in Germany. Its website states the company is licensed under the German Investment Firms Act (WpIG) and under the Markets in Crypto-Assets Regulation (MiCAR), supervised by the German regulator BaFin. Under the ESMA MiCA register, the authorisation covers the crypto-asset service of providing exchange of crypto-assets for funds. It does not, on the basis of this listing, indicate authorisation for the full range of other MiCA services such as custody and administration, operation of a trading platform, exchange of one crypto-asset for another, or order execution and placing for clients. Because Hyphe operates as an institutional liquidity provider, prospective clients are typically regulated firms rather than retail users. Source: hyphe.com
Which crypto services is Hyphe Markets GmbH authorised to offer in the EU?
Under its MiCA authorisation issued by Federal Financial Supervisory Authority (BaFin), Hyphe Markets GmbH (Hyphe Markets GmbH) is approved to provide the following services to EEA residents. Each service is defined in Article 3(1)(16) of Regulation (EU) 2023/1114.
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Exchange of crypto-assets for funds
The exchange offers crypto-to-fiat (e.g. BTC to EUR) and fiat-to-crypto conversion. Authorisation here implies MiCA's pricing transparency requirements.
Which services is Hyphe Markets GmbH not authorised to offer?
Hyphe Markets GmbH's MiCA licence does not cover: Custody, Trading platform, Exchange for crypto, Order execution, Placing, Order R&T, Advice, Portfolio mgmt, Transfer services. These services may still be offered by other authorised providers, or by Hyphe Markets GmbH under a different regulatory framework (for example, derivatives may fall under MiFID II rather than MiCA). Source: ESMA Register, retrieved 30 June 2026.
See other MiCA-authorised exchanges by service:
Why is Hyphe Markets GmbH licensed in Germany?
Germany's BaFin runs a strict, banking-style authorisation model. Trade Republic, which already held a German banking licence, was authorised in April 2025. BaFin previously refused Binance's German licence application in 2023, leading Binance to withdraw from the German market. Source: Federal Financial Supervisory Authority (BaFin).
| National Competent Authority | Federal Financial Supervisory Authority (BaFin) |
|---|---|
| Investor compensation | EdW (compensation scheme for securities firms) plus bank-deposit cover where applicable. |
| Regulatory context | BaFin's banking-style scrutiny is the highest barrier among MiCA NCAs. |
What does this mean for users of Hyphe Markets GmbH in the EU?
If you transact through Hyphe Markets GmbH's EEA-authorised entity (Hyphe Markets GmbH), the protections introduced by MiCA apply to your relationship from onwards. In practical terms this means: client crypto-assets are ring-fenced from the exchange's own funds (Article 70 MiCA), the authorised entity holds prudential capital, has formal complaint-handling procedures, and is subject to transparency obligations on fees and order execution. Source: Regulation (EU) 2023/1114.
One thing to verify yourself: the legal entity you contract with day-to-day must match the entity in the ESMA register. Some global exchanges operate multiple legal entities under one brand. Confirm in Hyphe Markets GmbH's terms of service that your contracting entity is Hyphe Markets GmbH, not a non-EEA affiliate.
Which MiCA-authorised exchanges are alternatives to Hyphe Markets GmbH?
Three MiCA-authorised providers to consider. Drawn from the ESMA register, never paid placement.
| Provider | Home Member State | Authorised | Services |
|---|---|---|---|
| Alaric Securities | Bulgaria | 9 services | |
| OKX | Malta | 9 services | |
| Kraken | Ireland | 8 services |
Related reading
Understand the regulatory context behind Hyphe Markets GmbH's entry on the register:
Frequently asked questions about Hyphe Markets GmbH and MiCA
Is Hyphe Markets GmbH licensed under MiCA?
Yes. Hyphe Markets GmbH appears in the ESMA Register of MiCA-Authorised Crypto-Asset Service Providers, with its authorisation issued by the competent authority of Germany.
Which EU countries can Hyphe Markets GmbH serve under this licence?
A MiCA authorisation in one EEA member state permits passporting across all EEA member states, subject to a notification process to each host-state regulator.
Are my crypto-assets on Hyphe Markets GmbH protected under MiCA?
MiCA introduces ring-fencing of client crypto-assets, prudential capital requirements for the authorised entity, complaint-handling obligations, and conduct rules. It does not provide a deposit-guarantee scheme equivalent to bank deposit insurance.
What's the difference between the authorised entity and the global brand?
Some global exchanges operate multiple legal entities. The MiCA authorisation applies only to the specific legal entity in the ESMA register, not to the global brand. Verify the contracting entity in Hyphe Markets GmbH's terms of service.
Where can I check the official record?
The ESMA register publishes the authoritative list and updates it weekly. The direct link to Hyphe Markets GmbH's entry is on this page under 'Sources'.
Sources
This page is updated weekly. Last verified . If you believe any information on this page is inaccurate, write to our contact page.