As the fastest-growing Singapore-based cryptocurrency company, Cake DeFi prioritizes security and regulatory compliance issues in every jurisdiction in which it operates.
Cake DeFi secures EU license
According to the official announcement shared by the Cake DeFi team, it has finally obtained its first-ever license in the EU and EEA region. Since June 9, 2022, it is licensed by the Registrar of Legal Entities of Lithuania.
Cake DeFi is 3 years strong ?— Cake DeFi (@cakedefi) June 9, 2022
In celebration of our anniversary, we are giving away $3,333 in a lucky draw to one new customer!
Register today and win the grand prize! pic.twitter.com/7tG5CFRYQN
This license allows Cake DeFi to exchange cryptocurrency and to provide and operate all types of cryptocurrency custodial wallets in Lithuania.
At the same time, most importantly, this license is set to turn Cake DeFi into a legitimate player in the European fintech market. It is set to facilitate the protocol's compliance with an upcoming EU-wide cryptocurrency authorization, when EU Markets in Crypto-assets (MiCA) Regulations become effective.
Dr. Julian Hosp, co-Founder and CEO of Cake DeFi, stresses that his team smashed through a crucial milestone in terms of customer security and global regulatory compliance:
The license from Lithuania is a milestone in our ongoing journey to become fully licensed and regulated in our key markets around the world. I’m beyond proud of the hard work our team has put in to meet the stringent criteria of the financial regulatory bodies in Lithuania and to protect our users with strong anti-money laundering policies.
Lithuania is among the most influential cryptocurrency hubs globally; for instance, some entities of Binance's global ecosystem are registered in this Baltic state.
All Web3 financial services in one application
Prior to obtaining a Lithuanian license, Cake DeFi received an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019 by the Monetary Authority of Singapore (MAS), one of the strictest watchdogs in the region.
Cake DeFi is a one-stop platform that offers its users the full stack of red-hot Web3 services, including staking, lending, borrowing and liquidity pool management opportunities.
In Q1, 2022, it paid a staggering $317 million in rewards to its users, which is a record-breaking volume for this type of service. The platform also targets an IPO in the near future.