What You Should Know About KYC Verification Process In The Pi Network.

Note: Everything about Pi Network that I tackled is only a pure review. Even if there's no money (yet) included, I will still say that this is not a financial advice. I am only sharing this as part of my potential earning opportunity. Please do your own research.

In my last article about the Pi Network, I wrote about the user's data security in the app and my opinion about the project's legitimacy. And in those articles, I mentioned about YOTI app. This article will be about the KYC process in the Pi Network and the YOTI app.

If you want to read my last two articles about Pi Network, I will put the link at the end of this article.

What Does Know-Your-Customer or KYC means?

The know your customer or know your client (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's Anti-Money Laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors, and other financial institutions are increasingly demanding that customers provide detailed due diligence information. Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are liable to oblige.

Definition Source.

To make it short, it is a process for an organization, banks or any platforms that offers financial instruments to know their customers.

KYC Process In the Pi Network.

The Pi Network project requires a KYC verification to all of its users to avoid cheating in the mining program inside the app - 1 user mining in different devices.

But the project doesn't do the KYC itself because Pi Network uses a third-party application for the verification called YOTI.

YOTI app is a service app that encryptedly stores a user's data - meaning one can get access to it even the app itself.

So what does this third-party means?

This means that Pi Network won't accept your IDs to be verified, but instead present it to YOTI.

You should verify yourself in YOTI using your passport or National ID. But if you don't have it, no need to worry because the Pi Network are currently looking for an alternative way for its users to be verified without using a passport or National ID.

So if don't have or not yet verified in YOTI, I recommend you to do it now. You can download the YOTI app here and set up your account:

https://play.google.com/store/apps/details?id=com.yoti.mobile.android.live

What Should You Do Next?

If you have set up and download the YOTI app already, that doesn't really mean that you can now be a KYC verified in the Pi Network.

Why?

Because Pi Network only give limited slots for KYCs to users. You need to wait and be lucky to be chosen as one of lucky Pi members that will be granted with the slots. If you are lucky, a pop-up inside the application will show that will say that you are one of the lucky members to able to be a verified users.

Another Verification Process.

There are also another way for your account to be verified (But different from the KYC).

The two ways are;

• Facebook Verification.

• And Phone number Verification.

You can find it inside the app in your profile.

Helpful articles about Pi Network:

https://read.cash/@Kryptlook/reviewing-pi-network-is-it-legit-or-a-fraud-8ef133df

https://read.cash/@Kryptlook/personal-data-security-are-we-safe-with-pi-network-f2539a7b

Final Say.

Pi Network is somehow looks a promising project with an active community and developers. The project are taking small steps for the project to reach its success. This might be a long term one but who knows how successful can it be, and you can be a part of it without spending a single cent.

Image Source.

FIN.