Why am I being asked to do KYC?
Updated over a week ago

What is Identity Verification?
Bake uses Identity Verification in order to comply with KYC (Know Your Customer) regulations. KYC is a way of identifying and confirming that a customer is who they say they are. It’s a multistep process that helps to prevent the creation and use of fraudulent accounts.

Why am I being asked to go through Identity Verification?
As a regulated financial services company, Bake is required to identify the users on our platform. Per the Bake User Terms, we require all customers to verify their identity to continue using our service. ‘Know Your Customer’, or KYC, is a standard practice for companies that offer financial services and is an important layer to prevent money laundering activities and eliminate bad actors on the platform. Bake holds itself to the highest standards and takes Compliance very seriously in order to provide the best services to our customers.

KYC at Bake consists of 3 parts, the Proof of Identity, Proof of Address and the Selfie part. You can read all details on it by clicking on these links:

Did this answer your question?