We are pleased to announce that following ongoing consultation with our legal counsel in Germany, the Federal Financial Supervisory Authority (BaFin), has agreed to withdraw the advisory notice issued on 7 January 2022 (which has now been removed from the BaFin website and database).
The advisory alleged that Cake DeFi was operating without a license in Germany. Following a period of persistent clarification and constructive engagement with the German regulator over one and half years, and as a result of our compliance with recommendations, including the removal of German language from our website and app, and adjusting our affiliate program for German customers, BaFin has confirmed that “...with these adjustments, there is no longer any justification to presume that Cake Pte. Ltd. is conducting unauthorized banking or financial services in the Federal Republic of Germany via cakedefi.com. Consequently, we are retracting the advisory issued on 07.01.2022.…”
We regard the collaboration with BaFin as a successful example of seamless and constructive regulatory engagement, this in spite of the lengthy time frame to resolution. In Europe, we are currently waiting for the finalization of MiCA in the coming months, for which we have already made all necessary preparations with our license in Lithuania.
Our unwavering commitment to adhere to local regulations in every jurisdiction remains undiminished. We are always prepared for open dialogue and communication with regulatory authorities to ensure transparency and legal compliance in our operations and are happy to put this chapter with BaFin behind us.
We would like to extend our gratitude once again to all our loyal customers and partners worldwide for their steadfast support. If you have yet to experience it, our newly launched application is now available for download on both Android and iOS platforms: https://bake.io.
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Bake it, make it. Love it.