You need to scan the car with diagnostics to see what fault codes have been set relating to the EWS for an idea where the problem is.
Have you tried another key if you have one to see if that works.
The system works by the car reading the transponder chip thats embedded in the key fob and a rolling code the car gave the transponder the last time it was used. If the codes match what the car is expecting to see it will release the starter motor and crank the car. Since yours is cranking but won't start it needs the diagnostics to hopefully pinpoint what is not working. BMW INPA and BMW Scanner 1.4 can both sync the EWS to the DME if it needs that. Thats my understanding of the system, no doubt someone else will be along who may have more info.