Pi Network Slammed for KYB Delays, PiDaoSwap Launches NFTs on Binance Chain!
Jakarta, Pintu News – Detractors have begun to criticize Pi Network and its core team, PiCoreTeam, after PiDaoSwap raised concerns regarding the lengthy Know Your Business (KYB) approval process.
This delay forced PiDaoSwap to launch non-fungible tokens (NFTs) on Binance Chain as a temporary solution.
Pi Network Criticized for KYB Process Delay
Decentralized exchange PiDaoSwap raised concerns regarding the lengthy Know Your Business (KYB) review process on the Pi Network network.
In a statement on the X platform, PiDaoSwap said it had submitted the KYB application, but after 15 days, the Pi Network core team (PiCoreTeam/PCT) had not yet given its approval.
Read also: Pi Network Price Plummeted 10% Today (7/4/25): Pi Network Mining Rate Drops Dramatically!
In order to build on top of the Pi network, each project must submit a KYB application in order to pass the PCT’s due diligence process. This approval will give access to developer support, funding, and various other additional benefits within the Pi ecosystem.
However, after more than two weeks without clarity, PiDaoSwap called this waiting period “excruciating.” According to the statement, this delay hindered the start of full development on the Pi mainnet.
PiDaoSwap Launches NFTs on Binance Smart Chain
In response to this delay, PiDaoSwap decided to launch NFTs (non-fungible tokens) on the Binance Smart Chain (BSC) network while awaiting approval from the PCT.
Binance itself has yet to include Pi Network in its “Vote To List” initiative as its focus is still on BSC-based projects.
“We chose to launch community NFTs on BSC as an interim solution rather than continue waiting without certainty,” PiDaoSwap said.
“Only after getting KYB’s approval, we could proceed with in-depth development and build an ecosystem on the main Pi network.”
PiCoreTeam Has Been Under the Spotlight in Recent Weeks
Influential figures in the Pi ecosystem have been increasingly vocal in criticizing the Pi Network’s core team, PiCoreTeam (PCT). One of them is Dr. Altcoin, an active member of the community, who slammed the PCT regarding the delay in KYB approval.
According to him, the PiDaoSwap case is not the only one-some centralized exchanges (CEXs) are also awaiting KYB approval.
Read also: Can Pi Network Price Rebound? Crypto Expert Gives Advice on Burning Pi Coin!
“This is a clear example of PCT failure,” said Dr. Altcoin. “I also know some CEXs are still on the waiting list for KYB approval.”
Furthermore, Dr. Altcoin argues that the reason Bybit has not listed Pi Network is due to an error on the part of the PCT.
He mentioned that the delay from major exchanges was due to a lack of transparency from the PCT regarding the token locking and burning mechanism.
Even so, Pi Network scored an important milestone after successfully listing on the BTCC exchange, fueling speculation of more listings in the near future.
Pi Coin’s price has fallen 10% in the last day (7/4/25) and is now at $0.57, dimming hopes of breaking the $1 mark. Investors are now waiting for a price correction movement, which could be driven by a listing on a major exchange or new ecosystem cooperation initiated by PCT.
Despite the criticisms, the PCT has continued its domain auction program, which at the last update recorded more than 200,000 bids.
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Reference:
- Coingape. Pi Network Under Fire as Pidaoswap Launches NFTs on Binance Chain. Accessed on April 7, 2025
- Coinpedia. Pi Network Faces Growing Criticism as Delays, Price Dips, and Frustrations Mount. Accessed on April 7, 2025
