Pi Network enables BANXA's Know-Your-Customer process for the sale of Pi Coins in 100 nations.
Cashing In on Pi: BANXA's KYB Approval Expands Access to the Cryptocurrency Worldwide
Heard the buzz about Pi Network's latest move? BANXA, a recognized crypto on-ramp platform, just scored the much-coveted KYB (Know Your Business) approval—a massive leap forward for Pi! Now, in over 100 countries, people can buy Pi coin using cold hard cash, fast and securely. No more hunting for peer-to-peer (P2P) methods for newbies or those averse to them.
Why's this KYB seal of approval so important? It shows that BANXA plays by the rules, conducting proper identity and compliance checks, just like individuals going through KYC (Know Your Customer) verification. Only KYB-approved businesses can legally handles Pi, while P2P traders need KYC verification and non-custodial wallets. With KYB, transactions are smoother, and users are shielded from scams.
The Pi Network has always aimed for trust, and KYB ain't just about enforcing this for users but businesses too. It's charting a regulated path in industry where scams and regulatory issues still linger. Pi advocates reckon this approach makes the network more desirable to institutions and serious investors. BitMart and HTX are soon expected to join the KYB club, maybe even within the next 10 days. If this happens, prepare for Pi to be listed more broadly and speed up its global adoption.
All this excitement might make waves at the upcoming Consensus 2025 Summit. With a secure, verified ecosystem and growing global adoption, Pi Network is staking a claim to be a major player in the future of digital currency.
As of now, Pi (PI) coin is trading at roughly $0.5865, up 1.33% over the last 24 hours, with a market cap of around $4.13 billion. The 24-hour trading volume has burst by over 32%, reaching $39.48 million.
Struggling with understanding all the technical terms? Don't worry, we've got you covered! Here's a quick glance at some of the buzzwords used in this article:
- KYC (Know Your Customer): The process for businesses to verify the identities of their customers.
- KYB (Know Your Business): Similar to KYC but involves checking the identities of businesses.
- Peern-to-peer (P2P) trades: Direct transactions between individuals, bypassing traditional middlemen.
- Mainnet: The core network of a cryptocurrency, where transactions are validated and recorded.
Curious about Pi Network's development? Check out our in-depth piece on the Pi Network Launches Mainnet Wallet Activation Feature.
Footnotes:[1] Enrichment Data--Pi believes that KYB approval could pave the way for increased KYC and AML (Anti-Money Laundering) compliance, making onboarding businesses more efficient and potentially reducing fraud risks.[2] Enrichment Data--KYB approval could also strengthen the credibility of the Pi ecosystem and increase trust among potential investors, which may further facilitate a broader user base.[3] Enrichment Data--Recent volatility in Pi's price underscores ongoing market risks in the cryptocurrency industry, testing investors’ confidence and causing fluctuations in market capitalization and trading volume.[4] Enrichment Data--As more users adopt Pi, expecting seamless identity verification, streamlining KYC processes within the Pi ecosystem could become increasingly important.[5] Enrichment Data--The absence of strong support from major exchanges may impact Pi's legitimacy, creating a bottleneck for wider adoption and diminishing trust and confidence amongst investors.
- BANXA's KYB approval for Pi marks an important milestone in regulatory compliance, enabling users in over 100 countries to buy cryptocurrency securely and fast.
- The KYB seal of approval signifies that BANXA, like individuals going through KYC, conducts proper identity and compliance checks, paving the way for a smoother and safer cryptocurrency transaction process.
- The increasing number of businesses adopting KYB could lead to enhanced KYC and AML compliance, fostering more efficient onboarding and potentially reducing fraud risks in the crypto industry.
- Strengthening the credibility of the Pi ecosystem through KYB approval could boost investors' trust, potentially attracting a broader user base and further facilitating mainstream adoption in finance and investing.
