KYC Verification Levels Overview
Updated this week

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.​

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