The payment platform Banxa has obtained KYB approval from Pi Network to facilitate the global sale of Pi coin, a development that is likely to enhance the adoption of this altcoin.
Crypto analyst Dr. Altcoin has highlighted that this approval is a positive indicator for the altcoin, as it may lead to increased adoption and potentially trigger a rise in its price.
Banxa Secures Pi Network KYB Approval
In a recent post on X, Dr. Altcoin announced that Banxa has received KYB approval for the Pi network.
He elaborated on the implications for the Pi community, highlighting that individuals in more than 100 countries can now purchase the Pi coin instantly with cash via the payment platform.
The crypto expert emphasized that this development significantly enhances accessibility and promotes global adoption of the altcoin.
The payment platform now stands alongside leading crypto exchanges such as MEXC and Bitget, which have already obtained KYB approval for the Pi Network.
Dr. Altcoin indicated that exchanges BitMart and HTX are expected to secure their approvals within the next 10 days, which he described as a “clear sign” of the Pi Network's positive trajectory.
He pointed out that only companies with KYB approval, like Banxa, are permitted to legally utilize and trade the Pi coin, underscoring the importance of this advancement for both the Pi Network community and the value of the Pi coin.
Additionally, he noted that participants in P2P transactions must be KYC-approved and utilize non-custodial wallets.
The crypto commentator reiterated that the Pi Network has prioritized security and trust from its inception by ensuring thorough verification of every user and business through the KYC/KYB process.
He concluded that Pi is not merely another cryptocurrency, but one that is establishing a foundation for trusted global adoption.
Why Platforms Are Willing To Go Through The Pi Network’s KYB Process
In a recent post, Dr. Altcoin elaborated on the reasons why centralized exchanges (CEXs) and platforms such as Banxa are prepared to endure the lengthy and rigorous process for obtaining KYB approval for the Pi Network.
He emphasized that the Pi project is built upon five fundamental pillars, which contribute to its growing appeal.
The first pillar is financial inclusion, where Dr. Altcoin pointed out that the Pi ecosystem fosters universal access to equitable, transparent, and efficient digital payment systems.
The second pillar focuses on interoperability, as the network enhances digital networks, ensures fungibility, and facilitates smooth financial transactions.
The third, fourth, and fifth pillars are identity verification, currency programmability, and decentralized financial systems, respectively.
Additionally, the crypto expert identified Stellar and OKX as collaborative partners in the Pi Network initiative.
The Pi Blockchain operates on the Stellar Consensus Protocol (SCP), and OKX has become the first CEX to obtain KYB approval from the Pi Network team.
With Banxa's KYB approval, the activation of the Pi Network's mainnet wallet has sparked speculation regarding a potential listing of the Pi coin on Binance.
Such a listing would be significant for the Pi coin, as it would greatly enhance the altcoin's adoption.
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