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BaFin’s Allegations BUSTED! Bake Vindicated from Regulatory Claim

Published 07/28/2023, 11:55 PM
Updated 07/29/2023, 02:15 AM
BaFin’s Allegations BUSTED! Bake Vindicated from Regulatory Claim

  • Germany’s BaFin withdraws advisory on Bake’s alleged unauthorized financial services.

  • Bake demonstrated compliance by removing the German language and adjusting the affiliate program for German customers.

  • The company anticipates MiCA’s finalization in Europe, having readied with a license in Lithuania.

Germany’s Federal Financial Supervisory Authority (BaFin) has officially withdrawn the advisory notice it issued on January 7, 2022, regarding Bake’s (formerly Cake DeFi) alleged unauthorized banking or financial services in Germany.

After a period of thorough consultations and constructive engagement with the German regulatory body that spanned over one and a half years, Bake’s legal counsel successfully convinced BaFin to retract its previous advisory. The advisory had claimed that Bake was operating without the necessary license in Germany.

The compliance process involved various actions taken by Bake, including the removal of the German language from their website and app, as well as adjustments to their affiliate program for German customers. These measures aimed to address BaFin’s concerns and demonstrate the company’s commitment to adhering to local r…

The post BaFin’s Allegations BUSTED! Bake Vindicated from Regulatory Claim appeared first on Coin Edition.

The post BaFin’s Allegations BUSTED! Bake Vindicated from Regulatory Claim appeared first on Coin Edition.

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