Pi Network KYB Delays Spark Criticism
Pi Network and its PiCoreTeam (PCT) are facing criticism due to significant delays in Know Your Business (KYB) approvals. This has prompted PiDaoSwap, a decentralized exchange, to deploy a temporary solution: launching NFTs on the Binance Chain.
Pi Network KYB Delays Cripple Development
PiDaoSwap publicly voiced concerns on X (formerly Twitter) about the 15-day delay in receiving KYB approval from the PCT. This approval is crucial for projects seeking developer support, funding, and other benefits within the Pi Network ecosystem. The delay prevents PiDaoSwap from fully developing on the Pi mainnet.
As a workaround, PiDaoSwap has initiated its NFT launch on Binance Smart Chain (BSC). This is noteworthy considering Binance's exclusion of Pi Network from its Vote To List initiative. PiDaoSwap explicitly stated that full development on the Pi mainnet is contingent upon receiving the necessary KYB approval.
PiCoreTeam Faces Growing Backlash
The PCT is facing increasing scrutiny within the Pi Network community. Dr Altcoin, a prominent ecosystem member, highlighted PiDaoSwap's predicament as indicative of a broader issue affecting several centralized exchanges waiting for KYB approvals. He further suggested that the lack of transparency from the PCT concerning token locking and burning mechanisms could be contributing to the delays and impacting exchange listings, potentially explaining why exchanges like Bybit haven't listed Pi Network.
The recent 15% drop in Pi coin price, pushing it below $0.55, underscores investor concerns. While the PCT is proceeding with its domain auction—receiving over 200,000 bids—the negative sentiment surrounding KYB delays remains a significant challenge.
Codeum's Note: At Codeum, we prioritize transparency and efficiency. We offer comprehensive KYC/KYB verification services, along with smart contract audits, custom DApp development, and tokenomics consulting. We understand the importance of timely approvals for blockchain projects and strive to provide seamless solutions for our clients. Contact us to learn how we can help your project thrive.