Derp.
To start with, there is no money transmitter license in Germany.
Second, according to Germany's interpretation it comes under MiFid.
They potentially (I think not, because jurisdiction) need the licenses required for a 'Multilateral trading facility' which is a step down from a full blown commodities/stock exchange.
But yes, that is why Kraken/Bitcoin.de use Fidor's license. As that covers MiFid.
First of all you are going to need a license from bafin whatever you want to call it,"transmitter or not" the bafin gives you a license. People that wanted to have ATMs were told they need a license from bafin.
Second of all if you are going to sell bitcoins on a comerical basis in Germany you are going to need the ok from bafin.
The issue -could- be that LBC is registered in finnland, I think. That is in the EU and then they might have to comply with some EU regulation or could be presured by an EU coutnry more than a company not based in the EU.
The issue is Germany interpreted MiFid as covering bitcoin exchanges. Bafin is the regulatory body that is relevant to this, but there is no such thing as a money transmitter. The closest thing to that terminology would be a payment institution which is the relevant law in France + Luxembourg.
That is like saying that the London Stock Exchange is pretty much a remittance company.
But yes, that is the most likely reason, sounds like a lawyer of theirs is a little jumpy because generally speaking its not how EU regs go, but I don't know how much of a difference the fact its P2P bank wise would make.