Pi Network Eases KYC Bottleneck With New Feature

Pi Network has introduced Fast Track KYC, an identity verification process aimed at expediting Mainnet wallet activation for network participants. 

The rollout comes as the network grapples with longstanding criticisms over verification bottlenecks that have stalled user migrations and fueled skepticism about its credibility.

Pi Network Tackles Delays With KYC Upgrade

Sponsored

BeInCrypto has repeatedly reported on the growing community frustration surrounding Pi Network’s KYC (Know Your Customer) process. Nearly 44 million users have remained stuck in a ‘tentative’ KYC status.

The network has made efforts in the past to address user issues. This includes initiatives such as the KYC Synchronization Feature and a protocol upgrade to improve KYC scalability.

Now, Pi Network has taken the next step to streamline verification further and accelerate participation in the ecosystem. Notably, the Fast Track KYC feature targets ‘new Pioneers.’ 

These are users with fewer than 30 mining sessions. The new launch allows eligible users to verify identities directly in the Pi Wallet app without the traditional prerequisite of extended mining activity. 

“If eligible, users will see this option directly within the Pi Wallet app, allowing them to begin KYC and, once verified, gain immediate access to the Pi Mainnet wallet and its utilities,” the blog read.

With an activated Mainnet wallet, users can access Pi applications, local commerce integrations, and community events. Nonetheless, the feature is not a solution for broader migration woes. 

Sponsored

The team stressed that it facilitates wallet activation but does not enable Mainnet migration. To transfer mined Pi Coin (PI) balances, users still need to complete 30 sessions and the full checklist. This involves the standard KYC process.

Moreover, the automated processing may impose stricter scrutiny, with no assurance of swift approvals. Rejections remain possible if submissions fail to meet regular KYC standards. 

Pi Core Team emphasized in its announcement that the feature could potentially be integrated into the standard KYC pipeline to alleviate human resource strains.

“Fast Track KYC supports Pi’s broader vision of building an accessible, utility-driven digital ecosystem powered by verified real users. By enabling new Pioneers to participate earlier, this feature expands the ability to engage to a larger verified audience, which supports developers and accelerates the use and testing of ecosystem apps,” the team added.

Sponsored

In tandem with the launch, Pi Network also extended KYC eligibility to users in Syria. This aligns with Executive Order 14312, which ended the US government’s Syria Sanctions Program.

“Consistent with all applicable laws and regulations, Pi KYC services are now available to eligible individuals located in Syria,” the team stated.

Will PI Reach $1 Again?

Meanwhile, after the launch, Pi Coin rose slightly amid a broader downtrend. BeInCrypto Markets data showed that PI gained +0.42% over the past day. At the time of writing, it was trading at $0.359.

Sponsored

Despite the weak performance, Pioneers remain optimistic about a potential price recovery.

An analyst suggested that PI is showing a bullish divergence with the Moving Average Convergence/Divergence (MACD) indicator. According to him, this could be a precursor to a major bullish reversal.

“This reversal move can consist of a more than 242% run back to the $1.23 levels and that may only be the start,” the analyst wrote.

Taken together, both technical signals and recent network upgrades are shaping expectations for PI’s next phase.