Pi Network has announced a major extension to its KYC (Know Your Customer) application deadline. This move, while giving users more breathing room, carries important implications for the project’s ambitious mainnet launch plans.
The first deadline for submitting KYC applications has been pushed from September 30 to November 30, 2024. This two-month extension aims to give Pi Network’s “Pioneers” – as the project calls its users – extra time to complete this crucial step.
The first deadline of the Grace Period for submitting KYC applications has been extended to November 30, 2024. This extension gives Pioneers more time to complete KYC, while the final deadline of Grace Period to complete Mainnet migration remains unchanged on December 31, 2024.…
— Pi Network (@PiCoreTeam) September 19, 2024
Mainnet Migration date remains unchanged
While the KYC deadline has been extended, it’s crucial to note that the final deadline for mainnet migration remains unchanged. Pioneers still have until December 31, 2024, to complete their migration to the mainnet. This unchanging end date underscores Pi Network’s commitment to launching its open network in 2024.
The extension comes with a stark warning: missing either deadline could result in users forfeiting most of their accumulated Pi balance. Only Pi mined within the last six months before migration would be safe.
Pi Network cites several reasons for this extension, including inclusivity, maintaining momentum and technical issues.
On one hand, they’re pushing for widespread KYC compliance to ensure a smooth mainnet launch. On the other hand, they’re mindful of not alienating their user base with overly rigid deadlines.
The success of Pi Network’s mainnet launch hinges on widespread participation from its community. By extending the KYC deadline, the project is betting that increased compliance will outweigh the slight delay in the verification process.
Source: https://www.cryptonewsz.com/pi-network-extends-kyc-effects-on-mainnet/