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News - BaFin deletes warning against Cake DeFi
In January 2022, BaFin published a consumer warning against the strike platform Cake DeFi. They have now removed this one.
Last year, the German financial regulator issued a notice accusing Cake Defi of offering "unauthorized banking or financial transactions" in Germany.In a statement on Twitter, the platform referred to the company's headquarters in Singapore. It is therefore bound by the laws and regulations of the Asian island state.
Julian Hosp, co-founder of Cake DeFi, expressed his delight at the decision: "I am happy that there is now clarity for customers worldwide. I would also like to thank BaFin for the constructive exchange. Once MiCA is active, we also want to offer German customers full support again."
We were made aware today about a notification on the German regulator Bafin‘s website. We want to highlight that we are a Singapore based company and we want to ensure to our customers that we are complying with the local laws and regulations here.
— Bake (@bake_io) January 7, 2022
BaFin itself says in a statement about the exact reasons for the deletion: "Cake DeFi has discontinued its Internet presence cake.io - our warning therefore does not (no longer) apply in terms of content."
At the end of June, Cake DeFi conducted a rebranding. Since then, the platform has been called bake.io. As a BaFin spokeswoman explained, the authority is currently investigating "whether unauthorized transactions may now be conducted through the new bake.io website".
