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) |
✅ |
✅ |
|
|
Withdrawal limit |
Withdrawal limit of 10k USD based on monthly calendar |
✅ |
|
|
Referral bonus |
Same for Level 1 & 2 |
||
|
Cake DeFi’s Products |
|||
|
Staking |
🟡 Explore only, no activities allowed. |
✅ |
✅ |
|
Lending |
✅ |
✅ |
|
|
Liquidity Mining |
✅ |
✅ |
|
|
Borrowing |
✅ |
✅ |
|
|
Freezer |
✅ |
✅ |
|
Please note: Users who registered and verified before November 7, 2022, will only see Verification Level 0 and 1 in their settings. For those users, level 1 is already the maximum verification level and equals level 2 with all the features, as described in the table above.
*In some cases, we may ask users to complete questionnaires in relation to your Source of Wealth, Source of Funds, and may request further relevant information as part of our enhanced due diligence process, to better understand and evaluate the risk of users, required by the relevant rule and regulations on KYC. Failing to do so, users might face restricted access to the application’s features, or the account will be suspended until relevant information is obtained.
What is Source of Wealth?
Origin of an individual’s accumulated volume of wealth. Examples: business ownership, employment income, inheritance, investments, etc.
What is Source of Funds?
Origin of money, assets or other monetary instruments that are used in a specific transaction of the business relationship (in our case, origin of the funds transferred to CAKE). Examples: personal savings, sales or dividend from shares, gifts from friends, bank loans, etc.
Read more: Which documents are accepted for Proof of Identity?
Read more: Which documents are accepted for Proof of Address?
Read more: Step-by-step instructions for the verification process