The Pi Network has granted Know Your Business (KYB) approval to Banxa, a leading fiat-to-crypto payment gateway. This move allows Banxa to legalize Pi coin transactions in over 100 countries, marking a significant shift in Pi Network's efforts to expand its ecosystem beyond its mobile mining user base.

This legal milestone not only strengthens Pi Network's compliance framework but also opens the door to fiat-to-Pi transactions, simplifying access for millions of new users worldwide. This approval reinforces Pi's greater ambition to become a fully compliant decentralized financial system, especially as its long-awaited Mainnet launch approaches.

The KYB approval for Banxa: Its significance for Pi Coin

The KYB approval process ensures that Banxa meets the highest global standards for handling cryptocurrency transactions related to businesses. The Pi Network is committed to complying with the law, transparency, and long-term sustainability by adhering to international legal frameworks.

Thanks to this approval, users can now buy Pi coin directly through Banxa using local fiat currency— a first for many members of the Pi community. This integration is expected to:

  • Eliminating reliance on peer-to-peer transactions

  • Enhancing transaction security

  • Increasing user trust

  • Improving liquidity for Pi on participating platforms

A spokesperson for the Pi Core Team stated in a community update: "The KYB approval of Banxa is a significant step toward Pi Network's vision of connecting traditional finance with decentralized Web3 applications."

Pi Coin struggles around $0.58: What will happen next?

Despite the optimistic sentiment surrounding Banxa's approval, Pi Coin continues to face significant price pressure near the support level of $0.58. As of May 2025, Pi is trading around $0.5865, showing a modest increase of 1.33% in the past 24 hours.

Price Table: Overview of the Pi Coin market

Technical analysts note that if Pi fails to hold the $0.58 level, it may slide down to $0.53, a level not seen since early March. However, a confirmed recovery supported by integration news and increasing adoption could drive a retest of the resistance threshold at $0.62 and potentially target the $0.68 range in the near future.

Why this partnership is important for Web3 and cryptocurrency accessibility

Banxa's involvement in the Pi ecosystem is not just about technical transactions—it also represents a larger shift in cryptocurrency accessibility. By facilitating the purchase of Pi with fiat in over 100 countries, including major markets in Asia, Europe, and Latin America, Pi is positioning itself to onboard Web2 users onto the Web3 network.

Key implications of the partnership include:

  • Financial coverage: Individuals without access to traditional banking or complex exchanges can now own cryptocurrency.

  • Simple registration process: No external wallet or token swap required.

  • Lower risk: Managed KYB integration ensures higher security and minimizes fraud.

This is particularly important for the Pi Network, a network that currently boasts over 40 million users but has yet to fully unlock its potential for external trading on major centralized exchanges.

Analyst's comment: "A long game, finally becoming reality"

Industry analysts remain cautiously optimistic. While the Pi Network has long faced criticism for its expanding testnet and lack of transparent tokenomics, news from Banxa suggests a maturing ecosystem.

Miguel Foster, a senior analyst at ChainDesk Insights, stated: "This KYB approval is not just a partnership but also a gateway to real value. If Pi can continue to comply with regulations and technical scalability, it could turn skeptics into believers."

However, many questions remain. Will Pi eventually be listed on Tier 1 exchanges like Binance or Coinbase? Can the network withstand the volatility of open trading? Answers to these questions may come sooner than expected.

Conclusion: Pi Network begins a new chapter of utility

Pi Network's approval of Banxa is a strategic move that ultimately brings Pi's theoretical ecosystem into practical utility. It signals a future where Pi is not just a mined asset on mobile phones but a tradable currency usable in the global cryptocurrency economy.

With prices currently consolidating around a key support level, all attention is now focused on whether technical resilience and legal progress can together drive the next bullish wave for Pi.

As Banxa expands its fiat payment services to over 100 countries, the Pi Network is no longer just an idea but is rapidly becoming a financial infrastructure.