On 7 January 2022, Germany’s Federal Financial Supervisory Authority (BaFin) issued a notice that it was investigating Cake DeFi. In response, on 9 February 2022, we removed the German language from our website, as per what most other crypto companies like Kraken, Crypto.com or Binance have done in the past.
In addition, Cake DeFi is in the process of applying for a crypto license in the EU. This is similar to the Payment Services Act (PSA), which enables Cake DeFi to provide digital payment token services in its home country Singapore. With the ratification of that law by EU member states, it will be possible to move from said license to a MiCA (Markets in Crypto-Assets) license in 2024, which will then be valid throughout the EU.
“The ambiguous notice from BaFin brought about inaccurate speculation by the media and netizens about Cake DeFi’s business. We have since carried on to operate as per usual after removing the German language from our website. We are proactively applying for this crypto license to give our German and European customers as a whole, added assurance that Cake DeFi is a reliable, trusted and transparent platform”, said Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi.
Cake Pte Ltd, registered in Singapore 201918368M
Member of Singapore Fintech Association
Member of ACCESS