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Pi Network has granted Banxa a Know Your Business (KYB) certificate, authorizing the company to carry out global transactions of Pi coin. This approval enables Banxa to buy and sell Pi coin across 100 countries, marking a major milestone for the platform. With this KYB nod, Banxa joins a select group of exchanges, including MEXC and Bitget, that have achieved KYB approval status.
The KYB verification process authenticates businesses, allowing them to operate within the Pi Network's ecosystem. As a result, Banxa users can now directly purchase Pi coin using fiat currency, expanding accessibility and usability.
Dr. Altcoin has explained that identity verification and security represent the key values held by the Pi Network. Network users and institutions need KYC or KYB verification to execute transactions officially. The project pursues this requirement to deliver a trustworthy and standards-compliant environment dedicated to digital assets. Banxa’s approval demonstrates advancement of the Pi Network's mission to bring regulated adoption into its broader strategy.
Trading rights remain restricted to platforms that follow verification standards, thus enabling the network to protect against fraud while following established worldwide regulations. To establish the verification process, the Pi team members maintain their ongoing work with centralised exchanges, such as CEXS. The KYB approval, marking the first issued by the network, reached OKX.
The Stellar Consensus Protocol operates on the Pi Blockchain, providing high transaction scalability and efficient processing capabilities. The Stellar association and partnerships with exchanges, including OKX, integrate the network and the present blockchain infrastructure.
The Pi Network verification protocol has attracted several exchange platforms, which face operational hardships while adopting these protocols. Dr. Altcoin explained that exchanges show interest because the network focuses on financial inclusion, interoperability, identity protection, programmability and decentralised finance.
Banxa’s joining forces with Pi follows the launch of Pi Network's mainnet wallet, thus sparking discussions about listing Pi coins on Binance. An actual listing would enhance the altcoin's exposure to investors while solidifying its position as a digital asset choice.
