Banxa Secures Pi Network KYB Approval to Sell Pi Coins Globally

Crypto commentator Dr. Altcoin has revealed that payment platform Banxa has secured Pi Network’s KYB approval to sell Pi coin globally. This development is undoubtedly bullish for the altcoin, considering how this could boost the altcoin’s adoption and possibly spark a price surge.

In an X post, Dr. Altcoin revealed that Banxa is now KYB approved for the pi network.

He explained what this means for the pi community, noting that people in over 100 countries can now instantly buy the pi coin with cash through the payment platform. The crypto expert added that this is a game-changer for accessibility and global adoption of the altcoin.

The payment platform joins top crypto exchanges like MEXC and Bitget, which already secured KYB approval for the Pi Network. Dr. Altcoin stated that exchanges BitMart and HTX will likely receive their approval within the next 10 days, which he claimed is a “clear sign” that the Pi Network is moving in the right direction.

As he noted, only KYB-approved companies like Banxa can legally use and trade the pi coin, which is why this development is significant both for the Pi Network community and the pi coin price.

“This is HUGE for the Pi community. Only KYB-approved companies can use/trade Pi, and Banxa handles cash in over 100+ countries. Global and instant buying of $pi will be a game-changer for accessibility and adoption. Good times ahead,” Dr. Altcoin wrote.

On the other hand, only those involved in P2P transactions must be KYC-approved and use non-custodial wallets. Dr. Altcoin added that the Pi Network has made security and trust its top priorities from day one by ensuring they verify every user and business through the KYC/KYB process.

Based on this, he affirmed that Pi is not just another crypto but one that is building the foundation for a trusted, global adoption.

As the dust settles, we're seeing more good news hit the scene. It seems that Banxa has finally received KYB approval from the Pi Network. This is a significant development, especially for those interested in acquiring Pi coin through fiat currency.

For those who prefer a visual summary:pic.twitter.com.com/L8193M8z8e

— Dr. Altcoin / बेनकटर (@Dr_Altcoin) August 18, 2023

In another X post, Dr. Altcoin explained why centralized exchanges (CEXs) and platforms like Banxa go through this “long, strict, frustrating” process for the Pi Network’s KYB approval.

He stated that the pi project focuses on five key pillars, which is why it is generating so much interest. The first is financial inclusion, with Pi’s ecosystem promoting universal access to fair, transparent, and efficient digital payment systems.

The second pillar is interoperability, with the network scaling digital networks, ensuring fungibility, and enabling seamless financial interactions. Dr. Altcoin mentioned identity verification, currency programmability, and decentralized financial systems as the third, fourth, and fifth pillars.

For those wondering why CEXs go through this LONG, STRICT, and FRUSTRATING process to get KYB'd by a crypto project, here's a breakdown of what makes projects interesting to invest in.

Pi focuses on 5 key pillars that make it stand out from the crowd:

1) Financial Inclusion: A core value, aiming for universal access to fair, transparent, and efficient digital payment systems.

2) Interoperability: Scaling and connecting digital networks, ensuring fungibility and enabling seamless financial interactions.

3) Identity Verification: Prioritizing security and trust by verifying every user and business through KYC/KYB.

4) Currency Programmability: Integrating programmability to facilitate smart contracts and decentralized applications.

5) Decentralized Financial Systems: Building an open and accessible financial ecosystem, promoting economic empowerment.

Finally, after what feels like forever, it seems like we might finally be seeing some movement on the KYB front. According to reports, both BitMart and HTX are set to receive their approval in the next 10 days. This is a clear sign that the Pi Network is moving in the right direction with their initiative.

As we know, only KYB-approved companies can legally use and trade the Pi coin. So far, only a few exchanges have managed to secure this status, including MEXC and Bitget, both of which completed the process a few months ago.

Keep in mind that those who prefer P2P transactions will need to be KYC-approved and use non-custoジタル