Member Info for Chaebol

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Potential MiCA issues:

Under the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114), crypto-asset service providers must:

* Provide accurate, clear, and non-misleading information about the legal entity responsible for the service, including its registered office and principal place of business.

* Ensure users know which authorised (or transitional) entity they are dealing with, especially when operations shift between jurisdictions.

* Maintain proper substance and disclosure when relying on cross-border arrangements or passporting/notifications.

Displaying an old Lithuanian residential address while the actual service appears to have pivoted to a Polish VASP (Finferno) risks misleading EU consumers about:

* The identity of the provider,

* Where regulatory oversight and user rights (complaints, redress) apply,

* The current authorisation status.

This is particularly concerning given that the App Store serves multiple EU countries and users are required to rely on the disclosed entity details.

Requested actions:

I respectfully ask the Bank of Lithuania to investigate:

1. The current authorisation status of GS Fintech UAB under MiCA (post-31 December 2025 transitional period) and any relationship with the Polish Finferno entity.

2. Whether the continued use of the Vilnius address on public platforms (including the Apple App Store) is accurate and compliant with MiCA transparency rules.

3. Whether users in the EU are being served by the correct legal entity following the reported transition to Finferno.

4. Require prompt corrective action, including updating all public disclosures (App Store, website, terms) to reflect the current responsible entity and address.

I have attached a screenshot of the current App Store developer section showing the Vilnius address for your reference. I am happy to provide any further information or clarification.

Please acknowledge receipt and provide a reference number for this complaint.

Thank you for your oversight in protecting EU users and ensuring a level playing field under MiCA.

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To:

Bank of Lithuania (Lietuvos Bankas)

Supervision Service – Crypto-Asset Service Providers

Totorių g. 4, LT-01121 Vilnius, Lithuania

Email: supervision@lb.lt (or the dedicated MiCA/CASP complaints channel on lb.lt)

Dear Bank of Lithuania Supervision Team,

I am writing as a concerned EU user to report what appears to be ongoing non-compliance with MiCA transparency and disclosure obligations by the operators of the Bake app (formerly Cake DeFi, Apple App Store ID 1564415526). https://apps.apple.com/ee/app/bake-formerly-cake-defi/id1564415526

Current App Store disclosure (as of March 2026):

The developer/seller is listed as GS FINTECH, UAB, with the address:

Eišiškių Sodų 18-oji g. 11, LT-02194 Vilnius, Lithuania.

Contact: support@bake.io

This is the same residential-looking address that has been displayed for some time.

Relevant background and timeline:

* GS Fintech UAB previously held a Lithuanian crypto licence (VASP/CASP transitional regime).

* The Lithuanian transitional period for MiCA authorisation ended on 31 December 2025. GS Fintech UAB reportedly did not secure full CASP authorisation by that deadline and planned to resubmit in Q1 2026.

* In December 2025, the group (GSTechnologies) acquired Finferno Sp. z o.o., a Polish-registered Virtual Asset Service Provider (VASP).

* Public announcements stated that Bake/GS Fintech operations transitioned to operate under the Finferno Polish entity to ensure continuity. Trading was later temporarily suspended from mid-April 2026 pending MiCA alignment.

* The Singapore MAS-related permissions for the previous Cake structure also faced changes/expiry around mid-2025.

Despite this clear pivot away from the Lithuanian entity and toward the Polish Finferno VASP, the App Store page (which serves EU users and states that the app "complies with European Union law") has not been updated. It continues to display only the outdated Lithuanian Vilnius address with no mention of the Polish entity, its address, or the current responsible legal entity for EU users.

Https://apps.apple.com/ee/app/bake-formerly-cake-defi/id1564415526

So if you click on apple apps for bake on the app store its still showing the council flat address in LT on the bottom right, oh dear lol I bet the BOL are pleased. What do GST do all day ?

Eišiškių Sodų 18-oji g. 11, LT-02194 Vilnius, bake

RobinHood has 6 insured employees, and threw in 15.4 million Euros for substance.

GST has Agne and has 650k Euro capital and of course now paying 1300 a month in Tax. I am sure the LT authorities will do everything to keep that income lol If they reapply in LT I think the BOl will be shocked let alone me !

Neobankers x;)

Who is advising GST? Response lol they still havent advised anyone to full mica completion......... in April 2025 the BOL informed all VASPS how to apply with a good app, no virtual offices no CEO announcements near to the filing, show us your mind management in LT and prove you are not a shell and have real LT substance.

GST applies to the BOL with Bake registered at a council flat on the outskirts of the Capital of LT, Agne is confirmed CEO 5th September right near the filing and mind management substance lol in LT did not exist, let alone the AML mayhem of 800k registered bake users.

Lol

Truthful words are violence now in this stupid world.

I pray for your soul and inner peace finds you Jack (1 Peter 5:6–7 ) (Proverbs 14:30)

In the Lords name, Amen x

In Lithuania, the 15th December 2025 deadline refers to a critical administrative requirement within the broader transition from the national Virtual Asset Service Provider (VASP) registration to the EU's Markets in Crypto-Assets (MiCA) licensing regime.

The 15 December Deadline (Operational Requirement)

Starting 15 December 2025, all registered VASPs in Lithuania were required to:

Submit an Updated FCIS Questionnaire: Entities had to file a new mandatory questionnaire via the Strix platform provided by the Financial Crime Investigation Service (FCIS).

Designate a Transition Contact: Companies were required to appoint a responsible person to coordinate with regulators during the final weeks of the transition and for at least three months after the year-end deadline.

Finalise Wind-down Plans: This served as a final trigger for firms not intending to apply for a MiCA license to activate their "orderly exit" strategies, including notifying clients and arranging the return of assets

So because GST announced no winding down plans on the 15th the deadline......... lots of people here got excited that MiCA was going to be issued by the deadline. But because they did not announce wind down plans because that would have killed the MiCA license narrative, bake would have been blacklisted now without the Finferno purchase.

And of course they can show the regulator an orderly wind down even though all they had to was announce that under GS fintech UAB months ago and that would have saved finferno expense nonsense. Unbelievable !

So when Shayne Tan was saying in the George and bungle podcast November 18th ish ‘we are confident and optimistic of MiCA’ they should have already been telling bake clients of the orderly withdrawal in case no MiCA which is based upon notifications in 2023 and 2024 from the ESMA

On 17 October 2023, ESMA published a statement clarifying the timeline for the implementation of MiCA and calling on CASPs to make adequate preparations early on to reduce the risk of disruption, including engaging with the national competent authorities

(NCAs) of the jurisdictions in which they operate to inform them of their authorisation plans. In turn, on 17 December 2024

, ESMA published a statement on MiCA recalling that the inherently non-unified approach to transitional periods foreseen by Article 143(3) of MiCA has

resulted in different transitional periods applicable across EU Member States

Evil BOD x;)

.

Connecting the dots for adults.

ESMA stated in December notification

Set out its expectation that CASPs not yet authorised under MiCA:

o Have implemented orderly wind-down plans for the services they provided

in Member States in which the transitional period is over.

o Have orderly wind down plans in place ready for implementation ahead of

the end of the remaining transitional periods in case they should not be

authorised by then (or at all). ESMA expects that these plans should allow the

CASP to carry out an orderly wind-down without causing undue economic harm

to their clients (for instance, organising the transfer of the crypto-assets held for

the clients to another authorised CASP).

Where did bake provide this orderly wind down to its clients last year prior to LT expiry ? 31st December. shareholders and bake users were told on the day of MiCA expiry that it was unsuccessful, that is not an orderly wind down of your exchange and its assets for bake users, so finferno is your 100-200k exit vasp what a sheet show......were they just too proud to admit to bake clients in November December that mica was probably unlikely or to be delayed and just in case we need to implement this plan..........lol

This mob is an absolute shambles and are way out of their league......The end is coming here.

I would say next week is the last chance to see above .15p then you have case hearing Thursday x;)

Why did the Chairman call Poland an 'attractive area for growth' on Dec 29th, only to announce suspension of all services there 12 weeks later?

What did they need time for ? Lol

Key Timeline:

29 Dec 2025: Buys Finferno (Poland).

31 Dec 2025: Admits Lithuanian failure.

26 Mar 2026: Suspension announcement Finferno (Poland)

Correction

Why did they buy finferno when they knew they couldnt passport when they bought it ?

Original post 1st Jan

Chaebol

Under MiCA Polish grandfathered VASPs cannot passport crypto services cross-border into other EU states—domestic ops only until July 1, 2026.Many EU countries ended transitional periods earlier (6-12 months 2025) to offer services in the EU expired states is now illegal?

11:53 PM · Jan 1, 2026

Why did they buy finferno when I knew they couldnt passport when they bought it ?

Https://www.esma.europa.eu/sites/default/files/2025-12/ESMA75-113276571-1631_Statement_on_end_of_MiCA_transitional_periods.pdf

Https://x.com/bake_io/status/2006265359330841084

If you read my comments 1st of January to bake, I clearly highlight the problem.

The "No Passporting" Ban (The ESMA Statement)

https://www.esma.europa.eu/sites/default/files/2023-10/ESMA74-449133380-441_Statement_on_MiCA_Supervisory_Convergence.pdf

ESMA—the "Police" of the EU markets—issued a specific warning that firms using the transition period cannot trade across borders.

The Text: ESMA Statement on MiCA Transitional Measures - Section 1, Para 4

"The transitional period... does not allow for the provision of services in Member States other than the one where the CASP is already authorised or registered under the applicable national law. Passporting rights do not exist during the transitional period."

The Legal Meaning: If Finferno (Poland) was "Baking" for clients in France or the UK, they were operating as an unauthorised provider. This is exactly why they were "invited" to suspend services—to avoid the massive fines mentioned in Section 2 of that same document.

The Text: MiCA Regulation (EU) 2023/1114 - Article 143(3)

"Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024, may continue to do so until 1 July 2026... in the Member States where they provided those services."

The Legal Meaning: If you were only registered in Poland, your "Grandfathering" rights stop at the Polish border. Taking a trade from a client in France, Germany, or Italy without a MiCA Passport is a direct violation of this Article.

SOMEONE NEEDS TO LOOK INTO GRANDFATHERING AND PASSPORTING NIG DIFFERNECE, GRANDFATHERING ALLOWED YOU TO EXIST UP TO THE END DATE BUT NEVER ALLOWED YOU TO PASSPORT SERVICES OUTSIDE THE STATE ITS REGISTERED IN POLAND.

This was why it was crazy when they bought it !

And whats the betting when/if they ever get these laws through, that the Polish regulator acts like the BOL and makes it super strict !............. how many out of 1800 VASPS are going to get licensed in Poland ? It wont be many, only 100 ish EU wide now! and how much time is the regulator going to require to go through apps at the beginning 12-18 months? lol

Great post Kat, thanks.

Finferno was a dumb buy.

Cross border service were pretty much illegal when they bought it, I was posting on their socials and PR at that time about it, but got no reply.

Unless called earlier, elections in Poland not due until October/November 2027.

Https://www.zerohedge.com/crypto/fannie-mae-set-accept-crypto-collateral-home-loans-first-time

Thong lo/Ekkamai/Phrom Phong, are the nicest most sensible parts of BKK imo, its a world away from the bright neon lights and sexy men lol if you catch my drift x;)

Wherabouts are you again ?