A few days ago, Banxa temporarily suspended Pi transactions, possibly due to pending KYB (Know Your Business) approval. During this time, it is widely known that Banxa purchased millions of Pi at a low price, indicating they plan to return after obtaining regulatory approval.
Banxa is now KYB approved — Pi is available in over 100 countries
Currently, according to an update shared by Dr. Altcoin, Banxa is officially KYB approved. This is a significant development for Pi Network and its global community. With this approval, people in over 100 countries can now purchase Pi instantly with cash through Banxa. This move also enhances accessibility and may promote further adoption of Pi Network.
Many other platforms are expected to follow. BitMart, HTX, and other platforms are likely to receive KYB approval within the next 10 days, demonstrating increasing institutional support for the project. It is important to note that only companies approved by KYB are allowed to use and trade Pi legally. On the other hand, individuals participating in peer-to-peer (P2P) transactions must be KYC approved and use non-custodial wallets.
Is the $1 target near?
Meanwhile, the price of Pi has increased quite a bit. In the past 24 hours, $PI has risen 2.5% and is currently trading around $0.60. This comes after several weeks of price pressure due to the ongoing token unlock. However, with the new unlocking pace expected to slow down after mid-May, selling pressure may ease, paving the way for growth potential. The next major resistance level is at $0.70. A breakout above that could pave the way to $1, a level that would signal stronger market confidence in the project's future.