Pi Network - KYC FAQ - All You Need to Know About KYC in Pi Network

Summary

In this video, Christian Auchenwald explains the Pi Network's KYC (Know Your Customer) process, addressing common questions and concerns. He outlines why KYC is essential to prevent fraudulent multiple accounts, how to submit applications, and what to do if issues arise. He explains the tentative approval process, the expected timeline for account verification, and how name change requests are handled. Christian also touches on the migration checklist and the expected timeline for updates. Throughout, he encourages viewers to stay informed and provides resources for further inquiries.

Takeaways

• 😀 KYC (Know Your Customer) is required for Pi Network to ensure that each user only has one account and prevent multiple accounts from being created unfairly.
• 😀 KYC applications can be submitted by users whose accounts are at least 30 days old and have not been flagged as potentially fraudulent.
• 😀 If you can't start your KYC process, check for a video on the channel explaining what to do to get approved.
• 😀 The KYC notification pop-up is still active, but now serves as a reminder for users to submit their KYC rather than as an initial prompt.
• 😀 Tentative approval means you’ve passed part of the verification, but further checks are required. The process time varies depending on the case.
• 😀 KYC approval can take as little as 15 minutes for many accounts but could take longer if there are issues like name changes.
• 😀 Name change appeals will be processed manually and are expected to be reviewed starting in the second quarter of 2023, after other priorities.
• 😀 If you’ve passed KYC but your migration checklist doesn’t show step 6 as completed, there’s no need for action. This will be fixed by summer 2023.
• 😀 The app team is working on fixing the back-end issues related to migration checklist updates, expected by mid-2023.
• 😀 If you have any further questions, feel free to join the Discord community or ask in the Pi Network channel for assistance.

Q & A

Why is KYC required in Pi Network?

KYC is required to ensure that each human being only has one account. Without KYC, users could create multiple accounts to obtain more Pi coins, which would be unfair to other users following the rules.

Are KYC slots still randomly assigned in Pi Network?

No, KYC slots are no longer randomly assigned. If your account is at least 30 days old and hasn't been flagged as potentially fraudulent, you should be able to submit your KYC application.

What should I do if my account is older than 30 days but I can't start my KYC process?

If you're unable to start your KYC process despite your account being older than 30 days, you should check the video published by the creator for guidance on how to get approved for KYC.

Does the KYC notification pop-up still appear?

Yes, the KYC notification pop-up still appears, but it's now more of a reminder to submit your KYC, as most users should already be able to do so without delay.

What does 'tentative approval' mean after submitting a KYC application?

'Tentative approval' means you've passed some of the verification checks, but not all. Further checks are needed, and the duration depends on your individual situation.

How long does the KYC verification usually take?

KYC verification can be completed in as little as 15 minutes for many accounts. However, it may take longer if name changes or other issues arise that require additional checks.

When will KYC submissions that include a name change appeal be processed?

For accounts with name change appeals, those requests are usually automated if the change is small. Larger changes will be reviewed by human validators, starting in the second quarter of the year, with processing potentially taking until the third or fourth quarter.

What should I do if my migration checklist still does not show step 6 as completed after passing KYC?

If your migration checklist still does not show step 6 as completed after passing KYC, there's nothing you need to do. This is a known issue with the app, and it should be fixed by the second quarter of the year.

What can I do if I have more questions about KYC and Pi Network?

If you still have questions, you can leave them in the comments section of the video or join the Pi Network Discord community to ask them in the dedicated Pi Network channel.

When should I expect my checklist to update after passing KYC?

Your checklist should update and allow you to proceed to the next step of the migration checklist by around the second quarter of the year, approximately by summer.