This article refers to the verification level for non-Singaporean users. For Singaporean users, please refer to this article: KYC Verification Levels Overview (Singaporean Users)
There are 3 types of verifications: Level 0, Level 1 and Level 2.
Information required to verify:
Information needed | Level 0 | Level 1 | Level 2 |
Email verification | ✅ | ✅ | ✅ |
Jurisdiction (Place of residence) | ✅ | ✅ | ✅ |
Phone verification | ✅ | ✅ | ✅ |
Proof of identity |
| ✅ | ✅ |
First and last name |
| ✅ | ✅ |
Date of birth |
| ✅ | ✅ |
Nationality |
| ✅ | ✅ |
Selfie |
| ✅ | ✅ |
AML |
| ✅ | ✅ |
Proof of address |
|
| ✅ |
Features offered to users based on their verification level:
Capabilities | Level 0 | Level 1 | Level 2 |
Deposit Crypto |
| ✅ | ✅ |
Buy Crypto (3rd party provider) |
| ✅ | ✅ |
Limitless Withdrawals |
| Withdrawal limit of 10k USD based on monthly calendar | ✅ |
Referral bonus |
| Same for Level 1 & 2 |
|
Bake Products |
|
|
|
Staking | 🟡 Explore only, no activities allowed. | ✅ | ✅ |
YieldVault | ✅ | ✅ |
|
Liquidity Mining | ✅ | ✅ |
|
Freezer | ✅ | ✅ |
|
Please note: For users who registered and verified before November 7, 2022, only Verification Levels 0 and 1 will be visible in their settings. For these users, Level 1 is already the maximum verification level and is equivalent to Level 2 with all the features, as described in the table above.
In some cases, we may request users to complete questionnaires related to their Source of Wealth, Source of Funds, and provide further relevant information as part of our enhanced due diligence process to better understand and evaluate risk, as required by relevant KYC regulations. Failure to do so may result in restricted access to the application’s features or account suspension until the relevant information is provided.
What is Source of Wealth?
The origin of an individual’s accumulated wealth, such as business ownership, employment income, inheritance, investments, etc.
What is Source of Funds?
The origin of money, assets, or other monetary instruments used in a specific transaction or business relationship (in our case, the origin of funds transferred to Bake), such as personal savings, sales or dividends from shares, gifts from friends, bank loans, etc.