Pi Network Criticized for KYB Process Delay

Detractors have begun to criticize Pi Network and its core team, PiCoreTeam, after PiDaoSwap raised concerns regarding the lengthy Know Your Business (KYB) approval process.

Decentralized exchange PiDaoSwap has raised concerns over the lengthy Know Your Business (KYB) approval process on the Pi Network.

In a statement on X, Monday (7/4), PiDaoSwap said it had submitted the KYB application but after 15 days, the Pi Network core team (PiCoreTeam/PCT) had yet to give its approval.

In order to build on top of the Pi network, each project must submit a KYB application in order to pass the PCT’s due diligence process. This approval will give access to developer support, funding, and various other additional benefits within the Pi ecosystem.

However, after more than two weeks without clarity, PiDaoSwap called this waiting period “excruciating.” According to the statement, this delay hindered the start of full development on the Pi mainnet.

“We decided to launch community NFTs on Binance Smart Chain (BSC) as a temporary solution while waiting for KYB’s approval,” said PiDaoSwap.

“Only after getting KYB’s approval, we could proceed with in-depth development and build an ecosystem on the main Pi network.”

Pi Network's core team has been the target of criticism from community members and crypto influencers. One of them is Dr. Altcoin, an active member of the Pi ecosystem, who slammed the PCT regarding the delay in KYB approval.

According to him, the PiDaoSwap case is not the only one—some centralized exchanges (CEXs) are also awaiting KYB approval.

“This is a clear example of PCT failure. I also know some CEXs are still on the waiting list for KYB approval,” said Dr. Altcoin in response to a question from a follower on X.

Furthermore, Dr. Altcoin argues that the reason Bybit has not listed Pi Network is due to an error on the part of the PCT.

He mentioned that the delay from major exchanges was due to a lack of transparency from the PCT regarding the token locking and burning mechanism.

“Major exchanges like Bybit are still waiting for the token locking and burning mechanism to be implemented. But the PCT keeps postponing it and prioritizing the domain auction program.”

Even so, Pi Network scored an important milestone after successfully listing on the BTCC exchange, fueling speculation of more listings in the near future.

Pi Coin’s price has plummeted 10% in the last day (7/4/25) and is now at $0.57, dimming hopes of breaking the $1 mark. Investors are now waiting for a price correction movement, which could be driven by a listing on a major exchange or new ecosystem cooperation initiated by PCT.