What is Identity Verification?
Cake DeFi 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, Cake DeFi is required to identify the users on our platform. Per the Cake DeFi 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. Cake holds itself to the highest standards and takes Compliance very seriously in order to provide the best services to our customers.
KYC at Cake DeFi 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:
Read here: Which documents are accepted for Proof of Identity?
Read here: Which documents are accepted for Proof of Address?
Read here: Step-by-step instructions for the verification process