Pi Network requires platforms and applications that interact with it to comply with Know Your Business (KYB) procedures to ensure security and reliability in financial transactions within its ecosystem. There are several reasons for this requirement, including:
Compliance with laws and regulations – Many countries require KYB procedures to prevent fraud, money laundering, and terrorist financing.
Business Authenticity Guarantee – KYB helps verify that businesses within Pi Network are legitimate and not shell companies or scams.
User Protection – By verifying the companies that deal with Pi Network, a safe environment is ensured for users to transact without the risk of fraud or exploitation.
Boosting Ecosystem Trust – When businesses have identity verification, Pi becomes more attractive to users and investors, boosting its growth and adoption globally.
KYB procedures typically include verifying the identity of the owners, business registration, financial statements, and any other legal documents that prove the legitimacy of the company.
