NAIROBI (CoinChapter.com) — Pi Network has urged its users to complete the Know Your Customer (KYC) verification by Nov. 30, 2024, emphasizing that this step is crucial for securing Pi holdings and preparing for the platform’s highly anticipated Mainnet launch. The reminder, issued on Pi Network’s social channels, highlights the importance of the deadline, as users who miss the KYC verification may face delays in accessing and transferring their Pi tokens once the Mainnet goes live.
Pi Network Tightens KYC Deadline Amid Mainnet Preparations
Pi Network is ramping up its KYC process as it approaches a full Mainnet launch. The goal is to verify millions of users’ identities before allowing access to external wallets. This KYC effort aims to meet regulatory requirements, boost network security, and ensure only verified users join the decentralized platform. For now, Pi Network remains in its enclosed Mainnet phase, where transactions stay within the network and can’t move to external wallets.
Pi Network’s enclosed phase lets verified users manage their Pi tokens within the platform, though it restricts external transactions until the Mainnet fully opens. The transition to an open Mainnet will unlock Pi tokens as a decentralized, accessible cryptocurrency. Verified accounts will play a crucial role in enabling secure transactions and protecting assets on the blockchain.
Pi Network Pushes for User Compliance Ahead of Open Network
Pi Network’s KYC process, built to validate the identities of millions of Pioneers, aligns with regulatory standards to ensure a secure and human-only network. Users who fail to meet the Nov. 30 deadline may forfeit the majority of their Pi holdings, keeping only tokens mined within the last six months prior to migration. However, Pi Network has implemented system flexibility to accommodate users who encounter technical issues or delays, pausing their countdown timer to prevent penalties.
The Grace Period underscores Pi Network’s commitment to network integrity and quality as it nears the Open Network phase. Pioneers encountering issues in the KYC process, such as a tentative KYC status or delays beyond one month, will have their Grace Period timer paused.
As the community awaits the Mainnet’s open phase, Pi Network encourages users to complete their KYC applications promptly to avoid missing out on opportunities.
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