Facts Revealed! Pi Network KYB Fees Reach $89, Managed by Synaps

Pi Network Introduces KYB Verification at $89, Handled by Third-Party Provider Synaps

As Pi Network edges closer to its Open Mainnet launch, new details have emerged regarding its Know Your Business (KYB) verification process, which is required for businesses seeking to operate within the Pi ecosystem. It has been revealed that KYB verification is managed by Synaps, a third-party provider, and comes at a cost of $89 per business registration.

This latest development highlights Pi Network’s commitment to compliance and security, ensuring that only verified businesses can transact using Pi Coin. The verification process, however, is not solely handled by Synaps. Instead, it begins with an initial screening conducted by the Pi Core Team through a Google Form, followed by the official verification process facilitated by Synaps.

Why is KYB Essential for Pi Network?

KYB, or Know Your Business, is a crucial regulatory process that validates the legitimacy of businesses, verifying their ownership structures and ensuring compliance with financial regulations. In the context of Pi Network, KYB plays a key role in maintaining the integrity of its ecosystem by preventing illicit activities such as money laundering, fraud, and unauthorized business operations.

By implementing KYB, Pi Core Team aims to establish a trusted and secure network where businesses and individuals can engage in transactions with confidence. This initiative aligns with global regulatory trends, particularly as governments and financial institutions continue to scrutinize digital asset platforms to ensure legal and financial transparency.

The Two-Stage KYB Verification Process

Businesses looking to join Pi Network’s ecosystem must undergo a two-stage verification process:

1. Initial Assessment by Pi Core Team
   Before proceeding to the official verification stage, businesses are required to complete a questionnaire provided by the Pi Core Team via Google Forms. The purpose of this assessment is to gather information about the business model, its intended use of Pi Coin, and its compliance with Pi Network’s principles.
2. Official Verification by Synaps
   Upon approval from the initial assessment, businesses are directed to Synaps, a third-party KYB service provider specializing in business verification and compliance solutions. Synaps conducts a thorough review of business documents, ownership details, operational history, and regulatory compliance. Businesses must pay a fee of $89 to complete this process and gain approval to operate within the Pi ecosystem.

Potential Impact of KYB on Pi Network’s Future

The introduction of KYB verification marks a significant milestone in Pi Network’s evolution, signaling its transition from a grassroots cryptocurrency initiative to a fully functional digital economy. This move is expected to bring several key benefits:

• Enhanced Security: By ensuring that only verified businesses can operate, Pi Network minimizes the risk of fraud and illicit financial activities.
• Increased Credibility: The implementation of KYB aligns Pi Network with international financial regulations, enhancing its legitimacy among policymakers and financial institutions.
• Stronger Business Ecosystem: Verified businesses will be able to integrate Pi Coin into their operations with greater confidence, fostering a more robust digital marketplace within the Pi Network.

However, the introduction of a $89 verification fee has sparked discussions within the Pi community. While some see it as a necessary step to ensure only serious and legitimate businesses participate, others raise concerns about whether the cost may limit smaller enterprises from joining the network.

As Pi Network moves closer to its long-awaited Open Mainnet phase, the implementation of KYB is just one of many steps towards building a compliant, scalable, and trusted digital currency ecosystem. How the community and prospective business participants respond to this new requirement remains to be seen.

For now, the focus is on whether Pi Network can successfully navigate the delicate balance between accessibility and regulatory compliance as it strives to establish a pioneering blockchain-powered economy.

🚨 BREAKING: Pi Network's KYB verification is handled by a third party provider called Synaps, and it costs $89 to do the Pi KYB.

Although, the first half of the process involves series of questions from the Pi Core Team through a google form. pic.twitter.com/MOBBVOsoIX

— Woody Lightyear 𝛑 (@WoodyLightyearx) February 18, 2025

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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