XT007676

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Pi Network Under Fire As PiDaoSwap Launches NFTs On Binance Chain
Pi Network is at the receiving end of a barrage of criticisms over lengthy delays for its Know Your Business (KYB) processes.

Critics are taking swipes at Pi Network and the PiCoreTeam after PiDaoSwap raised concerns over lengthy delays for Know Your Business (KYB) approvals. The delays have forced the hand of PiDaoSwap to roll out non-fungible tokens (NFTs) on Binance Chain as a short-term solution.

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Pi Network Faces Criticism for KYB Delays
Decentralized exchange PiDaoSwap has expressed worry over the prolonged delays of the KYB review process on Pi Network. According to a statement on X, PiDaoSwap submitted a KYB application, but 15 days later, the PiCoreTeam (PCT) has yet to issue an approval.

To build on the Pi Network, projects will need to submit a KYB application to pass the PCT’s due diligence process. An approval will give projects access to developer support, funding, and other ancillary perks for building in the Pi ecosystem.

However, after over two weeks, PiDaoSwap describes the wait as an “agonizing” one. Per the statement, PiDaoSwap is unable to start full development on the Pi mainnet because of the delay.

Following the delay, PiDaoSwap says it will launch NFTs on Binance Smart Chain (BSC) while it waits for approval. Binance continues to exclude Pi Network in its Vote To List initiative as it focuses on BSC projects.

“We have chosen to launch community NFTs on BSC as an interim solution rather than continuing to wait idly,” said PiDaoSwap. “Only after KYB approval can we proceed with in-depth development and ecosystem building on the Pi mainnet.”

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PiCoreTeam Catching Backlash In Recent Weeks
Thought leaders in the Pi ecosystem have been vocal in their criticism of the PCT. Dr Altcoin, an active member of the ecosystem, took swipes at the PCT over the KYB approval delays. He argues that PiDaoSwap is not an isolated incident, adding that several centralized exchanges are waiting for KYB approvals.

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Inshallah, by 2030, Pi Coin will leave Bitcoin behind. There is still time, those who have not bought Pi Coin, buy some coins. It will be useful in the future.

Basic Commission: Every eligible creator receives a 5% commission.

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Bonus Commission: At the end of each week, Binance ranks all eligible creators by their basic commission, where the top 30 eligible creators of the week can earn a bonus commission as per the table above. Bonus commissions are calculated and settled weekly, without affecting the next week's commission.

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#MyFirstSquarePost New to Binance Square, thrilled to share and connect with everyone here!

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