Why does #Pi Network implement KYB?
KYB is a business identity verification process similar to KYC but at the organizational level. While KYC focuses on verifying individual identities, KYB aims to ensure that businesses participating in an ecosystem are transparent, legal, and trustworthy, serving as a ticket for businesses to engage in the decentralized ecosystem that Pi is building. This not only helps protect users from fraud risks but also enhances community trust in the ecosystem. Pi Network's focus on KYB is not only to build a cryptocurrency ecosystem but also to create a transparent and trustworthy business environment with millions of users globally. Ensuring that participating businesses comply with KYB standards is essential for maintaining stability and safety for the entire ecosystem. Imagine if there were no KYB, any business could join the Pi ecosystem without proving its legitimacy, which would create significant loopholes making users easy victims of fraudulent activities. Therefore, #KYB is the key to unlocking a transparent and trustworthy ecosystem. However, to achieve KYB certification, businesses must pass the stringent vetting process of Synaps - a platform specializing in providing identity verification solutions for financial and cryptocurrency organizations, using advanced technologies like facial recognition and data analysis to ensure that only truly transparent and legal businesses can pass this process. It includes 3 rounds of vetting.
1- verify legal documents, businesses must provide documents such as business registration certificate, information about shareholders and management.
2 - identity verification, using facial recognition technology to ensure that those behind the business are real people and have no history of fraud.
3 - risk assessment, businesses will be evaluated based on various factors such as operational history, funding sources, and compliance with legal regulations. As of now, no project in the Pi Network ecosystem has officially passed the KYB process. Meanwhile, in the cryptocurrency market in general, some major exchanges like OKX, Bitget, and Gate have completed this type of process. This shows that passing KYB is entirely feasible if businesses are truly serious and transparent in their operations. $Pi Network's implementation of KYB is a correct step towards building a reliable and sustainable ecosystem.
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