Pi Network (PI) Chooses to Conduct Identity Verification through KYC and KYB for Millions of Users to Ensure Individuals and Businesses

She adds that Pi Network chose to conduct identity verification through KYC and KYB for millions of users to ensure individuals and businesses on the mainnet are verified.

Crypto experts have raised doubts about the viability of Pi Coin, which is set to launch its mainnet in March 2024.

The experts' remarks came amid reports of several users complaining about difficulties in verifying their identity on the Pi Network.

According to a recent report, Pi Network is planning to introduce identity verification through KYC and KYB for millions of users.

The crypto experts, however, are skeptical about Pi Coin's claims and believe that the project is a scam.

One of the experts, Bybit CEO Ben Zhou, took to X to respond to Pioneers who are spreading lies about the exchange refusing to list Pi Coin because they did not want to undergo KYC and KYB.

Zhou said that Bybit never received a listing application from Pi Network and that they would not list a scam project even if they did.

He added that the crypto exchange is still open to any legitimate project that wishes to be listed on their platform.

"Pioneers, don't let the noise disrupt you. Focus on what matters and what makes a difference in the world. Keep working and trading, and everything else will follow. Let's show the world a different path to crypto and the power of Pi Network in the new era of open network," he said.

The response came days after Zhou and other crypto experts labeled the project a scam.

He said: "Here is an official police warning from Chinese authorities back in 2023, warning the public that Pi is a scam targeting elderly folks (link), leaking their personal data and risking pension loss. Multiple reports question the project’s legitimacy. Bybit never made a listing request for $PI, and the claim that $PI refused Bybit’s listing or that Bybit did not pass some sort of KYB from $PI is completely false. If the project is legitimate, it should address these reports so everyone can understand. Instead, you choose to report and engage in childish attacks. Yes, I still think it's a scam, and no, Bybit will not list a scam."

Pi Network (PI) is worth $1.64 today, marking a 4.3% decline from an hour ago and a 0.7% increase since yesterday, though it's trading 44% lower than its all-time high of $2.98. PI's value is 7.8% lower than a week ago. In the last 24 hours, Pi Network's total trading volume was $657,270,857, according to CoinGecko.