Pi Network Introduces 2 Key Updates to Improve KYC Process

TL;DR

• Pi Network now allows users to appeal name mismatches and enables minor phone number corrections to assist users in passing KYC verifications.
• Despite the constant delays and deadline extensions, the project surpassed 100M downloads, with South Korea, India, and other Asian countries emerging as strong community bases.

Solutions for Struggling Users

The controversial cryptocurrency project Pi Network has been around for almost six years, but the community is still awaiting the launch of its native token or open mainnet. The team has previously claimed that major milestones will occur once 15 million users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet. 

The process deadline, known as the Grace Period, was set for January 31 but was recently moved to February 28. One reason behind the constant extensions could be the issues that some users experience when trying to abide by the rules.

Pi Network issued key guidance to those struggling with the procedures in the past few months. Last year, for instance, it urged those to join a dedicated Telegram chat “where there will be mods to answer your questions.”

The team recently introduced two additional updates “that may help unblock your KYC application if you take action.” The developers said users whose Pi account name and KYC name do not match would normally have their applications rejected due to their failure to prove their ownership of the account through KYC verification.

However, there is a solution to this problem. Pi Network revealed that those users should appeal for a chance to resubmit their application with corrected details or update their Pi account name to their KYC’s name with a penalty of forfeiting part of their Mobile Balance. 

“Eligible Pioneers include those whose KYC applications were rejected due to name mismatches. However, Pioneers are eligible only if they have appealed exactly one time due to this rejection reason, and that single appeal was denied,” the team added.

Additionally, Pi Network said it’s able to help users who have made small typos when adding their phone numbers to their Pi account. It enabled people to edit up to two digits of their account phone number.

“Allowing only up to two digits to change is to make sure the phone number change will not be exploited by policy violators such as account transfers and sales or hackers taking over someone’s account,” the announcement reads.

The Popularity Goes up

Despite the controversy surrounding Pi Network and the frustration across its community, the project keeps increasing its popularity worldwide. As CryptoPotato reported, the project’s application surpassed the major milestone of 100 million downloads in December last year.

Pi Network is particularly well-known in Asia, with South Korea, Vietnam, India, China, Singapore, and others turning into strongholds. 

Not long ago, Wu Blockchain revealed that the number of Pi Network users in South Korea had crossed 1.3 million, exceeding the local client base of leading crypto exchanges like Binance and Coinbase.

Last week, Pi News posted photos from a Megha Event in India, during which local supporters gathered to discuss the project. 

Pi Network has over 3.6 million followers on X. In comparison, Ripple – the entity behind the cryptocurrency XRP – is trailing behind with 3 million subscribers.