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

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2 years ago

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.

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2 years ago

Comments

Naa ko'y Pi sir Ry,pero nag format ko'g phone naapil ug kahanaw connected man noon siya sa akong facebook.. Ana sila good project jud daw na..
Download ko ulit akin..

$ 0.00
2 years ago

I have never encountered that Pi Network but based from the article, I don't think it's a scam kasi yung KYC process is very tight and it also has verifications.

$ 0.05
2 years ago

Yes po ma'am. Tama po :)

$ 0.00
2 years ago

Sangat membantu, Artikel terbaik yang saya baca Thaks you very much

$ 0.00
2 years ago

Thanks for sharing the information. I always received newsletters on my emails about this Pi Network but I ignored since many people says that it is a scam. But can I know how much is the minimum investment or is it a free mining app?

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2 years ago

Di ko pa rin na verify sakin hahaha

$ 0.00
2 years ago

Sabi scam daw 😅

$ 0.00
2 years ago

Hindi. Wrong information yung nabasa nila sa reddit 😂

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2 years ago

Sana nga hndi pra hndi sayang ang data kakamine 🤣

$ 0.00
2 years ago

Magiging worth it din to 🙏

$ 0.00
2 years ago

Anlaaa, wala ako ID. Dinpa ako kumukuha 🤧😂

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2 years ago

Wala bang libreng pa National ID jan sa inyo? Samin dito meron.

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2 years ago

Natatamad ako kumuha nga ahahaha. Katamaran is real I tell you 😂😂

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2 years ago

I feel you. Kahit pa neighborhood lang namin munisipyo 😂

$ 0.00
2 years ago

Diba diba, samin din nga ee pwdng lakadin kaso mo ahaha. Katamaran talaga ywa haha

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2 years ago

Thank u for this one, Sir though i only knew ABC po, lol, u had given me new knowledge again, keep it up po n looking forward to your next article po :)

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2 years ago

Anong ABC? 😂

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2 years ago

Alphabet po, lol

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2 years ago