Pi Network is calling on all its users to complete the Know Your Customer (KYC) verification process by the deadline of November 30, 2024. This step is essential for safeguarding Pi holdings and getting ready for the highly anticipated Mainnet launch. The company has sent out reminders across its social channels stressing the importance of meeting this deadline, as failure to complete KYC verification may result in delays in accessing and transferring Pi tokens once the Mainnet is live.
As Pi Network gears up for the full launch of its Mainnet, it is intensifying its KYC procedures. The objective is to authenticate the identities of millions of users before granting access to external wallets. This KYC initiative is crucial for meeting regulatory standards, enhancing network security, and ensuring that only verified users can participate in the decentralized platform. Currently, Pi Network is operating within a closed Mainnet phase, where transactions are confined within the network and cannot be transferred to external wallets.
During this enclosed phase, verified users can manage their Pi tokens within the platform, but external transactions are restricted until the Mainnet is fully operational. Once the transition to an open Mainnet is complete, Pi tokens will be unlocked as a decentralized cryptocurrency that is accessible to all. Verified accounts will play a vital role in facilitating secure transactions and safeguarding assets on the blockchain.
Pi Network is pushing for user compliance ahead of the Open Network phase to maintain the integrity and security of the network. Users who do not meet the November 30 deadline may risk losing the majority of their Pi holdings, retaining only tokens mined in the six months leading up to the migration. However, the company has introduced flexibility in the system to assist users facing technical difficulties or delays, allowing them to pause their countdown timer to avoid penalties.
The Grace Period initiative demonstrates Pi Network’s dedication to ensuring network quality and integrity as it approaches the Open Network phase. Pioneers experiencing issues during the KYC process, such as uncertain KYC status or delays exceeding one month, will have their Grace Period timer halted.
As the community eagerly anticipates the opening of the Mainnet phase, Pi Network is urging users to promptly complete their KYC applications to seize opportunities and avoid missing out on the upcoming developments.
