If you are a Pi Network user, you might have received a notification from the app recently, urging you to complete your KYC (Know Your Customer) verification by the end of 2024. This is a crucial step for you to secure your Pi balance and prepare for the launch of the Pi Mainnet in 2024.

What is KYC and why is it important?

KYC is a process of verifying the identity of a user, usually by requiring them to provide a government-issued ID document and a selfie. KYC is a common practice in the financial industry, as it helps to prevent fraud, money laundering, and other illegal activities.

Pi Network is implementing KYC for its users, as it aims to become a legitimate and trustworthy cryptocurrency that can be used for real-world transactions. By verifying the identity of its users, Pi Network can ensure that each user has only one account and that no bots or fake accounts are inflating the Pi supply. This will also help Pi Network to comply with the regulations of different countries and regions, as it plans to expand its global reach.

Related reading: How to Sell Pi Coin 2024: Cash Out Your Pi coin Using this Methods

Requirements and eligibility criteria to apply for Pi Network KYC

To apply for Pi Network KYC, you need to meet the following requirements and eligibility criteria:

• You need to have the Pi Browser app installed on your device. You can download it from the app store or playstore.

• You need to have a valid and not expired government-issued ID document, such as a passport, a driver’s license, or a national ID card. The document should match the country of your phone number or Facebook account that you used to verify your Pi Network account.

• You need to have a clear and recent selfie photo that matches the photo on your ID document.

• You need to have mined Pi for at least 30 days (not necessarily consecutive) before you can apply for KYC. This is to prioritize the KYC resources for more committed Pioneers who have mined enough balance to migrate to the Mainnet.

• You need to have a good reputation in the Pi Network community and follow the rules and guidelines. A very small proportion of accounts that are identified by the algorithms as highly likely fake accounts or accounts that have violations will not be eligible to KYC.

Steps to complete the KYC verification process

If you meet these requirements and eligibility criteria, you can apply for Pi Network KYC by following these steps:

Step 1: Install the Pi Browser app (it is available on the Google Play Store and the Apple App Store). Or proceed to step 2 if you already have it on your device.

Step 2. Now go to the PI app not the browser and open the menu and head to the Mainnet section. You can find the Mainnet option in the side menu.

Step 3. It will Open the Pi Browser app and head over to the kyc section. If this doesn’t happen, tap on the KYC icon on the bottom menu bar. If a slot is not available, you will be notified latter throung the pi app later meanwhile you are in queue so be patient.

Step 4. When you finally qualify for kyc, comeback to PI browser and Tap on “Start KYC” and read the instructions carefully.

Choose the type of ID document you want to use for verification and take a clear photo of it, following the guidelines on the screen.

Take a selfie photo, following the guidelines on the screen, and make sure that your face is fully visible and matches the photo on your ID document.

Review your photos and submit them for verification.

Step 5. Wait for the confirmation email from Pi Network, which can take up to a few minutes or few days. Do not delete the app or log out of your account during this time.

Here’s what the development team urges users to do:

1. Validate your profile: Confirm the accuracy and consistency of all details in your Pi mining application profile, as these details will be utilized for KYC verification.

2. Verify secure connections: Ensure that your Gmail, Facebook, and phone number are securely linked to your Pi account.

3. Fulfill Level 2 identification: Swiftly complete Level 2 identification, which entails confirming your location.

4. Monitor Section 8 for the green signal: Following December 12^th, applications in queue for Mainnet migration will witness their Section 8 status turning green. This signals the completion of your KYC verification, indicating your application is set for Mainnet migration.

What happens if you don’t complete KYC for Pi Network?

Failure to complete KYC by 2024 could result in the following:

• You will lose access to your Pi balance and your account will be deactivated. This means that you will not be able to mine, transfer, or spend your Pi coins when the Pi Mainnet launches in 2024. You will also lose your referral bonus and your Pioneer status.
• Exclusion from the Mainnet migration: You will not be able to transfer or use your Pi tokens within the Pi ecosystem.

Therefore, it is highly recommended that you complete KYC for Pi Network as soon as possible, to avoid missing out on this opportunity to be part of the Pi community and the future of digital currency.

Conclusion

Pi Network is a revolutionary project that aims to democratize the access and ownership of cryptocurrency, by allowing anyone with a smartphone to mine and use Pi coins. However, to ensure the security and integrity of the Pi Network, it is essential that all users complete their KYC verification by the end of 2023. This will enable them to access their Pi balance and participate in the Pi Mainnet in 2024.

If you have not completed your KYC for Pi Network yet, do not delay and act now. Follow the steps above and verify your identity today. This is a one-time process that will secure your Pi balance and your future in the Pi Network.

If you have any questions or concerns about KYC for Pi Network, you can contact the Pi support team at [email protected] or visit the Pi FAQ page at https://minepi.com/faq.

Thank you for reading this blog post and for being part of the Pi Network. Together, we can build a more inclusive and sustainable digital economy for everyone.

NEXT READING: