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Pi Network Users Could Lose Coins Over KYC Issues as Pi Day Nears
As Pi Day approaches on March 14th, uncertainty and anxiety are gripping the minds of Pi Network users, also known as Pioneers. The primary concern is that many may lose their Pi coins due to unresolved Know Your Customer (KYC) verification issues.
To put a lid on this matter, Pi Network has recently announced a final deadline for March 14th at 8:00 AM UTC. Any user who fails to complete KYC and transfer their balance to the Mainnet by then will lose almost all of their mobile balance. The team justifies this step as necessary to maintain a clean network free from unverified accounts.
Many Pi Network users, however, claim they have repeatedly attempted KYC without success. Cryptocurrency enthusiast Rod Thompson has expressed his frustration over losing potentially 10,000 Pi coins because some of his referrals have not completed KYC. He has also pointed out that the platform profits from displaying ads during daily mining sessions, making the situation feel unfair to him and other affected users.
The problems with KYC are only half the issue. Some users are facing issues regarding balance transfers as well. According to several reports, some unverified balances continue to grow while their transferable balance remains limited. This has raised questions about the transparency of the platform.
Another major complaint is the unfair distribution of rewards. Long-term miners who have referrals often report receiving fewer Pi coins compared to other users with similar mining periods and referrals. It’s causing frustration within the community and raising concerns over the integrity of the project.
Users are also struggling to transfer their coins from mobile wallets to Mainnet, even after meeting all requirements. This is concerning given that some Pioneers have begun selling their accounts on unofficial platforms due to long lock-up periods.
Notwithstanding these issues, Pi Coin has surprisingly seen a significant 7% price increase over the past 24 hours as investors anticipate potential announcements on Pi Day. Some analysts believe this surge is driven by speculation about future developments on March 14th.
Source: https://coinpedia.org/news/pi-network-users-could-lose-coins-over-kyc-issues-as-pi-day-nears/
