Pi Network’s KYC Verification Process Continues After Mainnet Launch

Pi Network, a new cryptocurrency platform that is rapidly gaining popularity, has made Know Your Customer (KYC) verification a mandatory requirement for all users who want to participate in the platform’s Mainnet launch. KYC is a process that involves verifying the identity of a user and their financial transactions, to prevent fraud and money laundering.

While KYC verification is a necessary step in ensuring the security of a cryptocurrency platform, the Pi Network has revealed that it cannot validate all KYC applications before the Mainnet launch. This means that the verification process will continue even after the Mainnet goes live.

This decision was likely made due to the sheer number of users who have signed up for the Pi Network. Since its launch in 2019, the platform has amassed over 20 million users worldwide. The platform’s popularity can be attributed to its promise of democratizing access to cryptocurrency, allowing anyone with a smartphone to mine and earn Pi coins without expensive mining equipment.

However, the sheer number of users on the platform has made it difficult for the Pi Network to verify all the KYC applications manually. The platform has indicated that it will be using a combination of automated and manual verification processes to ensure that all KYC applications are validated.

The automated verification process involves using sophisticated algorithms to scan and analyze users’ data and determine their identity. If the system detects any discrepancies or red flags, the application is flagged for manual review by a human operator. The manual review process involves a trained team of professionals who will carefully examine the application and ensure that the user’s identity and financial transactions are legitimate.

It’s important to note that the Pi Network is not the only cryptocurrency platform that has struggled with KYC verification. Many platforms, including industry giants like Binance, have faced similar challenges due to the high number of users signing up for their services. In some cases, these platforms have had to temporarily suspend new user sign-ups to catch up with the verification process.