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The Pi Network (Pi), a decentralized mobile mining project, has reached millions of users worldwide. The cryptocurrency project, which has yet to activate its mainnet, is set to list its native asset, Pi coin, on the OKX exchange. However, this development has sparked user dissatisfaction primarily due to delays in the Know Your Customer (KYC) process.
Pi Coin Holders Have Been Waiting for KYC Approval for Years
Recently, Pi Network announced that 10 million users have completed their KYC processes, signaling readiness to launch its mainnet. However, many early users on social media voiced their frustrations, indicating that they have been waiting years for KYC approvals.
Some users expressed that they submitted their KYC applications years ago with all required documents but are still awaiting approval. One user stated, “I have been a member of Pi Network since 2020. Despite completing my passport and facial verification, my KYC application is still pending. I want my application approved to contribute to the ecosystem.”
Another user noted that the KYC process has become increasingly complicated with the transition to the mainnet. Despite mining Pi coins for years, users face the risk of not being able to utilize their coins due to unapproved identifications. The initial KYC verification period was set to end in November 2023 but has been extended to December 2024 and then to the end of January 2025. Currently, users have only 15 days left for KYC, yet the approval process continues to be sluggish.
Pi Network Faces Pyramid Scheme Allegations
Pi Network has become a target of criticism due to its prolonged development process and controversial referral (invitation) system. The project’s significant coin distribution being mainly in the hands of the founding team is seen as contrary to decentralization principles.
While the project gains traction, especially among users in Asia, some experts have described it as a multi-level marketing (MLM) system or pyramid scheme. Users earn rewards by inviting more individuals to the project, raising questions about its sustainability.
The project’s ties to China and its referral system further amplify these allegations. The listing of a project with an inactive mainnet on a major exchange like OKX has also drawn criticism from many users. In the past, the project faced scrutiny for unauthorized exchange listings and continuous delays regarding the mainnet.
