Pi Network KYC tentative approval, meaning and what to do: The Pi Network KYC tentative approval is one of the greatest challenges pioneers face after KYC. Interestingly, it is one thing to be invited for Pi KYC and another to complete the Pi KYC verification processes. Like any cryptocurrency network, Pi Network requires its users to complete KYC verification to prevent fake accounts and mitigate fraudulent transactions. Recently, Pi Network users have been receiving the message “KYC Tentative Approval” leaving many confused because they do not understand it and the ways forward.
This article will walk you through the meaning of KYC tentative approval, its significance for Pi Network users, possible reasons for tentative approval, implications for Pi Network users, the importance of completing KYC process, risks of incomplete KYC process, ways forward, steps to complete KYC process and lots more.
Overview of Pi Network
Founded in 2019 by a group of Stanford graduates to create a user-friendly platform that will make it possible for every user to use it on their smartphones, the Pi network is one of the fastest-growing blockchain technologies that is still operating within closed Minnet. Unlike other cryptocurrency networks that require expensive devices and are very hard to mine, Pi Network is relatively cheap and energy-saving.
Pi Network, can be mined using smartphones making it easy for a wide range of users to access their platform. It has a rapidly growing user base due to its user-friendly platform. They have a security network that helps to protect their user accounts.
Explanation of KYC Process in Pi Network
The Pi KYC popularly known as Know Your Customer is an important requirement for every financial institution and cryptocurrency network such as Pi Network. KYC refers to the process of verifying the identity of users in other to prevent fraud and money laundering. KYC helps to ensure that only legitimate users are allowed to use Pi Network.
The KYC process typically involves providing your information such as name, date of birth, address, government-issued identification document, and passport as explained here. Once the information is submitted, it is reviewed by the Pi Network compliance team to ensure that the user meets the regulatory requirements. Once the KYC is complete, users can fully participate in the Pi Network.
Meaning of KYC Tentative Approval
KYC tentative approval is one common term within the Pi Network system that some pioneers do not understand. In its simplest and shortest forms, the Pi KYC tentative approval means that a user’s KYC information has been summited and is currently under review by the Pi Network Compliance team. This is not the final approval rather is an indication that the information provided is under review. The compliance team needs to check the information to make sure it meets the requirements of the financial regulation before granting final approval.
The importance of KYC tentative Approval for Pi Network users is that it represents a step forward in the KYC process. KYC tentative approval is necessary for full participation in Pi Network. Without completing the KYC process users will face limitations to participate in mining, trading, and transfer of Pi. Therefore tentative approval is a one-step restriction for further verification.
Possible Reasons for Pi Network KYC Tentative Approval
There are several reasons why a Pi Network user may receive KYC tentative approval instead of final approval. The reasons are:
- It may be that the compliance team has identified an issue with the information provided.
- The compliance team is experiencing a higher volume of submissions and they are working on them.
- Users provided incomplete information.
Implications for Pi Network users
The implications of KYC tentative approval for Pi Network users are important.
- Limitation: without completing the KYC process users will face limitations in the area of mining, trading, and transferring Pi or cannot be migrated to the the minnet phase. This can limit their ability to earn in Pi Network.
- Pose risk to the Pi Network community: incomplete KYC verification can expose the network to fraud, money laundering, and other illegal activities that can affect the network’s credibility.
Importance of completing the KYC process
Completing the KYC process in Pi Network is very important in the following ways:
- Full participation: completing the KYC process in Pi Network creates room for full participation in mining, trading, transferring Pi, and migrating to the Mainnet.
- Security: completing the KYC process in Pi Network helps strengthen the security of the Pi Network thereby avoiding fraud and money laundry.
- Contributing to the Pi Network community: when users complete the KYC process they can participate and contribute to the Pi Network community thereby strengthening the credibility and value of Pi Network.
Others are reading;
- Pi KYC Not Working | See What To Do
- Pi KYC Pending | See How to Get Approved Now
- Pi Network KYC Review in Progress | What To Do
- 9 Steps to Convert Pi Token to Other Cryptocurrencies or Fiat [Money]
- Sell Pi Coin Now | Trade Pi Coin Even Without a Wallet Address
Risks of Incomplete Pi KYC Process
Falling to complete the KYC process poses risks to Pi Network users.
- Unable to access Pi: without final approval, the user will not be able to access Pi which will cause them to lose their Pi.
- Account suspension: incomplete KYC verification can lead to account suspension or closure which can lead to disruption to the user’s mining or trading activities.
Ways Forward in Pi Network KYC Tentative approval
If you have received “KYC Tentative Approval” in Pi Network, you must complete the necessary steps to process and receive final approval. Without final approval, you will face limitations on Pi Network.
Requirement To Complete Pi Network KYC Tentative Approval
The requirements to complete Pi Network KYC tentative approval are:
- Your full name
- Government-issued identity documents such as international passport, National identity card, driver’s license
- A clear photo of yourself.
Steps to Complete Pi Network KYC Tentative Approval Process
Here are the steps to complete Pi Network KYC tentative approval are as follows:
- Step 1: log in to your Pi Network account and navigate to the “profile” section.
- Step 2: click on the “KYC” tab to access the KYC submission form,
- Step 3: fill out the KYC submission form with accurate and complete information such as your full name, date of birth, passport, and government identity document.
- Step 4: upload a clear and valid photo of your government-issued identification document, such as passport, driver’s license, or NIN.
- Step 5: upload a clear selfie of yourself holding up your government-issued identification document with your face visible.
- Step 6: Review and confirm the information you provided and the uploaded documents.
- Step 7: Submit the KYC form and wait for the compliance team to verify your submission.
- Step 8: if you receive an email that your KYC is approved, you can participate fully in the Pi Network.
Reasons for Pi Network KYC Rejection
The following are some of the common reasons for KYC Application rejection on the Pi network made during the verification process:
- Selecting the wrong territory/country.
- Uploading a different ID document from the ones supported on Pi Network.
- Fill in details that do not match those on the ID document, including the photo.
- Providing unclear and blurred pictures of yourself.
- Under 18 years of age.
- Lack of power supply in your device to complete the verification process.
Frequently Asked Questions
How can I pass my KYC in Pi Network?
You can pass your KYC in Pi Network by getting access to KYC via the Pi KYC in the Pi browser. Make sure you have the important documents such as an international passport, national identity card, and driver’s license ready.
Why my KYC is still Pending in Pi Network?
It means that your documents have not been received or processed. It can also mean delays or issues with the verification process.
