Pi Coin Goes Global: Banxa Gets KYB Approval to Sell in 100+ Countries
Pi Network has made a significant leap in its international expansion, as crypto payments platform Banxa has been granted KYB (Know Your Business) approval, officially sanctioning it to enable Pi Coin purchases in 100+ countries. This regulatory achievement is likely to greatly improve the coin's availability and speed up its adoption in global markets.
What Does KYB Approval Mean?
KYB (Know Your Business) is a regulatory compliance procedure that verifies a business's identity before it is allowed to make cryptocurrency transactions. Banxa's KYB clearance now qualifies it as a legally sanctioned platform for cross-border Pi Coin trading, making transactions safer, more transparent, and compliant.
Seamless Integration with Pi Network
Banxa has seamlessly integrated with Pi Network, the first third-party KYC provider for the platform. This integration enables users to:
- Finish their KYC in a jiffy
- Gain access to the Pi Mainnet Wallet
- Access Pi Apps, local commerce tools, and the .pi domain ecosystem easier
Formerly, customers needed to undertake several steps such as mining, KYC, and migration. The Banxa integration makes the whole process smoother, helping to open up new users' access to the Pi Mainnet Wallet.
Also Read: Mattel Shuts Down Hot Wheels NFT Project Amid NFT Market Slump
KYC & KYB: Pi Network's Commitment to Security
Pi Network has always focused on developing a secure and compliant crypto network. In furtherance of this, it requires KYC for retail users and KYB for platforms engaged in Pi Coin trading. Only those platforms with authorized KYB credentials, like Banxa, are permitted to conduct Pi transactions.
Increasing Number of Exchanges Connecting to the Network
Banxa is not the only one. Other exchanges like MEXC and Bitget have also achieved KYB clearance, and others like BitMart and HTX are said to be in the works. OKX is also in the process of actively engaging with integration with Pi Network's KYB platform and collaborating with the Stellar Protocol to help bolster technical infrastructure.
Pi Main Wallet Activation & Upcoming Listings
Pi Network has already implemented its Main Wallet Activation feature, making full wallet functionality available to users under the Mainnet configuration. Speculation now abounds that Pi Coin might soon be listed on major exchanges, paving the way for open-market trading in the near term.
