Pi Network Enhances KYC Process with Two Key Updates
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Pi Network has introduced two key updates to improve its KYC process, allowing users to appeal name mismatches and correct minor phone number errors, helping more users verify their accounts and migrate to the mainnet.
Despite delays and controversies, the project continues to grow, surpassing 100 million downloads and gaining strong traction in countries like South Korea and India.
Pi Network, a widely followed cryptocurrency project, has introduced two crucial updates aimed at improving the Know-Your-Customer (KYC) process. These changes provide solutions for users facing difficulties in verification, offering them a better chance to migrate to the highly anticipated mainnet.
Solutions for Struggling Users
Despite being around for nearly six years, Pi Network has yet to launch its native token or open mainnet. The project’s team has stated that major milestones will be achieved once 15 million users successfully pass KYC verification and migrate to the mainnet. However, with persistent delays and deadline extensions, users have faced challenges in complying with verification requirements.
Initially set for January 31, the deadline, also known as the Grace Period, was recently extended to February 28, as many users continue to struggle with KYC approval. In response, Pi Network has implemented new measures to support its community and streamline the verification process.
Key Updates to the KYC Process
The recent updates focus on two major areas that have hindered users from passing KYC verification:
Name Mismatch Appeal: Many Pi Network users have had their KYC applications rejected due to discrepancies between their Pi account name and their official KYC name. To address this, Pi Network now allows users to appeal for a chance to resubmit their application with the correct details. Alternatively, users can update their Pi account name to match their KYC details, though they must forfeit a portion of their mobile balance as a penalty. However, this appeal process is only available to those who have had their KYC applications rejected due to name mismatches, provided they have appealed exactly once and had that appeal denied.
Minor Phone Number Corrections: Some users have made small typographical errors when entering their phone numbers, which has hindered their ability to verify their accounts. Pi Network now permits users to correct up to two digits of their registered phone numbers. This limited change ensures security by preventing fraudulent activities such as account transfers, sales, or takeovers by hackers.
Growing Popularity Despite Controversy
Despite facing skepticism and delays, Pi Network continues to gain traction globally. In December last year, the project surpassed 100 million downloads, with strong user bases in South Korea, India, Vietnam, China, Singapore, and other Asian countries.
Reports indicate that Pi Network has over 1.3 million users in South Korea alone, exceeding the local user base of major crypto exchanges like Binance and Coinbase. Additionally, Pi Network’s social media presence is expanding, with over 3.6 million followers on X, outpacing even Ripple (XRP), which has 3 million followers.
Conclusion
While Pi Network’s prolonged delays have frustrated its community, the introduction of these two key updates demonstrates the team’s commitment to resolving KYC-related challenges. By allowing users to appeal name mismatches and correct minor phone number errors, Pi Network is making strides toward improving the verification process, ultimately bringing the project closer to its long-awaited mainnet launch.
The post Pi Network Enhances KYC Process with Two Key Updates appeared first on Crypto News Focus.
