The Pi Network and its governing body, PiCoreTeam, are facing backlash due to significant setbacks in the approval process essential for project development. The decentralized platform PiDaoSwap has reported that its initiatives are experiencing interruptions because the KYB (Know Your Business) approval has not been granted, now lingering for a period of 15 days.
What Caused the Approval Delays?
To engage with the Pi Network environment, projects need to obtain KYB approval from the PiCoreTeam, a crucial step that enables them to receive support and funding for their endeavors.
The prolonged wait for the KYB approval is significantly impeding PiDaoSwap from initiating mainnet developments. Critics are pointing fingers at the lack of transparency and ineffective communication as indicators of deeper systemic issues within the organization.
Why Are Stakeholders Concerned?
In response to the ongoing delays, PiDaoSwap has initiated a community-driven NFT project on the Binance Smart Chain as a stopgap measure. A spokesperson for the platform stated:
PiDaoSwap Officials: “We opted for community NFTs on Binance Smart Chain. Once we receive KYB approval, we can resume extensive mainnet developments.”
Dr. Altcoin, a prominent voice in the Pi community, noted that the delays are not limited to PiDaoSwap, with other centralized exchanges facing similar challenges in securing approvals. The criticisms extend to concerns about the transparency of token management practices.
Dr. Altcoin: “This situation indicates a notable failure by PiCoreTeam, as some centralized exchanges are also in limbo waiting for KYB approval.”
Recently, the value of Pi Coin has dropped by 15%, raising alarm among stakeholders regarding the ramifications of the protracted approval process.
Even with the ongoing challenges surrounding KYB approvals, PiCoreTeam continues to engage with other projects, manifesting interest with over 200,000 bids in a recent domain name auction.
The delays in the KYB approval process are creating hurdles for project advancement in the ecosystem. Key takeaways include:
- The approval delay is directly affecting development schedules.
- Transparency and communication are lacking, raising concerns among stakeholders.
- Temporary solutions like community NFTs are being implemented to offset the impact.
Obstacles in the KYB approval process highlight the urgent need for improved operational efficiency and communication within the Pi Network ecosystem, which could pave the way for healthier project growth and stakeholder confidence.
