The Pi Network, renowned for its decentralized mobile mining, faces criticism over significant KYC delays as it prepares to list its Pi coin on the OKX exchange.
Reasons for KYC Approval Delays
Despite Pi Network's announcement of KYC completion for ten million users, many early adopters report prolonged waits. Users express frustration on social media, revealing they submitted KYC documents years ago and are still awaiting approval.
Is Pi Network a Pyramid Scheme?
The project faces criticism for its lengthy development and controversial referral system, with some labeling it a pyramid scheme. The majority of coin distribution controlled by the founders contradicts decentralization principles, raising concerns among the community.
Impact of Delays on Users
Key concerns include the reliance on user recruitment for rewards, questioning the project's sustainability. Allegations of multi-level marketing tactics and close ties to China, along with issues around unauthorized listings, add to user skepticism. Delays in the mainnet launch leave many users uncertain about their investments.
Effective resolution of user concerns will be crucial for Pi Network in maintaining its user base and credibility in the crypto landscape.
