The financial supervisory authority makes it clear that the platform is not allowed to operate any financial services in Germany. She is now investigating the suspicion of illegal transactions.
Düsseldorf The German financial regulator Bafin is investigating the crypto project Cake Defi. “The content on the Cake Pte. ltd operated website cakedefi.com justify the assumption that the company illegal banking or financial services in Germany operates,” the agency said in a press release on Friday. At the same time, the Bafin made it clear that the Singapore-based project Cake did not have the license required under the Banking Act to conduct banking business or provide financial services. The well-known Austrian entrepreneur and blockchain expert Julian Hosp is behind the Cake Defi platform, which was founded in June 2019. His crypto company is considered a fast-growing fintech project. It provides access to a wide range of decentralized financial services, or Defi for short, and enables clients to earn returns on their crypto and digital assets.
When asked by a user what this means for German customers, Cake Defi was relaxed: “No need to worry” was the short message on Twitter. In its press release, Bafin meanwhile advised consumers to invest in the Internet generally for caution and for thorough research “in order to detect fraud attempts in good time”.
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