BANXA, a top-tier crypto on-ramp platform, has achieved a significant milestone by obtaining Know Your Business (KYB) approval, allowing for legal and direct purchases of Pi coin (PI) with fiat currencies across more than 100 countries.
This move represents a major advancement for the Pi Network, significantly boosting its global accessibility and market reach.
Okay.ng reports that prior to this development, users typically depended on peer-to-peer (P2P) trading channels. The introduction of direct fiat transactions means Pi coin is now accessible securely, instantly, and without the challenges associated with informal trading communities. This will notably benefit newcomers to crypto who might otherwise struggle to safely enter the market.
KYB compliance is a regulatory standard similar to individual-focused Know Your Customer (KYC) processes, but specifically tailored for businesses, verifying their legitimacy and regulatory adherence. Only companies approved through KYB processes can legally conduct Pi coin transactions.
Individual users trading Pi through P2P methods are still required to pass KYC checks and use non-custodial wallets, ensuring secure, transparent, and fraud-resistant operations. This dual-layered compliance framework reinforces the Pi Network’s commitment to building a secure and trustworthy digital currency ecosystem.
The Pi Network’s adherence to stringent KYB and KYC standards significantly enhances its credibility, setting it apart in a cryptocurrency landscape often plagued by compliance issues and fraudulent activities. Industry observers note this regulatory alignment makes Pi increasingly appealing to institutional investors and mainstream users.
Other prominent cryptocurrency platforms, including BitMart and HTX, are reportedly nearing their own KYB approvals, potentially within the next 10 days. These anticipated approvals would further expand Pi’s availability and significantly boost its liquidity and trading volumes globally.
The timing aligns symbolically with the approaching Consensus 2025 Summit, an event expected to highlight Pi Network’s expanding influence in the digital asset market.
Currently, Pi (PI) is trading around $0.5865, marking a 1.33% increase over the past 24 hours. Its market capitalization sits at approximately $4.13 billion, with trading volume surging more than 32% to $39.48 million within the same period.
