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Pi Network Faces KYC Crisis: 80% of Users at Risk of Losing Coins Amid Deadline Concerns
The Pi Network has been hit with a severe crisis as it faces a looming deadline for Know-Your-Customer (KYC) verification. This comes amidst concerns that an estimated 80% of users risk losing their crypto holdings if the deadline is not met.
As the KYC deadline approaches, the price of Pi Coin (PI) has plummeted significantly, with some speculating on potential losses for early adopters. In a recent announcement, Pi Network confirmed that only coins mined within the past six months will be exempt from forfeiture in case the deadline passes without successful verification.
In the midst of this crisis, users are experiencing numerous issues while attempting to complete their KYC processes. A large number of users have taken to social media platforms to express their frustration and concerns regarding the complex verification process, which includes identity verification, anti-money laundering checks, and transaction screening.
The situation has sparked heightened uncertainty among market observers and analysts alike. Some have forecasted a substantial drop in the value of PI Coin if the current turmoil is not resolved. With just four days remaining before the KYC deadline, it remains to be seen how this crisis will unfold.
As the debate surrounding a potential Binance listing for Pi Network continues, users are left in limbo regarding their financial security.
