Pi Network is reminding its users to complete the Know Your Customer (KYC) verification process by November 30, 2024, in preparation for the highly anticipated Mainnet launch. Failure to meet this deadline may result in delays in accessing and transferring Pi tokens once the Mainnet is live.
The platform is intensifying its KYC procedures to ensure that millions of users are verified before gaining access to external wallets. This verification process is essential to meet regulatory requirements, enhance network security, and ensure that only verified users participate in the decentralized platform. Currently, Pi Network is operating within a closed Mainnet phase, limiting transactions to the network without the option to transfer to external wallets.
Verified users within the platform can manage their Pi tokens, with external transactions set to be enabled once the Mainnet fully launches. This transition will unlock Pi tokens as a decentralized cryptocurrency, allowing for secure transactions and asset protection on the blockchain.
Pi Network is emphasizing user compliance with the KYC process to maintain network integrity and quality as it approaches the Open Network phase. Users who do not complete KYC verification by the deadline risk losing the majority of their Pi holdings, retaining only tokens mined within the last six months prior to migration. However, the platform has implemented flexible measures to assist users facing technical difficulties or delays, pausing countdown timers to prevent penalties.
The Grace Period offers additional support to Pioneers experiencing issues with the KYC process, ensuring that users with tentative statuses or prolonged delays have their timers paused. Ahead of the Mainnet’s open phase, Pi Network encourages prompt completion of KYC applications to avoid missing out on upcoming opportunities.