Pi Network Urges KYC/2FA Compliance Ahead of Mainnet Migration, Fueling Speculation on Major Update

The Pi Network team has issued a critical reminder to users to complete KYC (Know Your Customer) and two-factor authentication (2FA) steps ahead of the mainnet migration, sparking speculation about significant upcoming developments for the project. The Pi Core Team, led by Dr. Nicolas Kokkalis, emphasized the necessity of 2FA for Pi Wallets in a message to users, directing them to step three of the mainnet checklist to ensure compliance [1]. This directive follows reports of challenges faced by some users in transferring tokens from the testnet to the mainnet, as noted in community discussions [2]. The requirement underscores the network’s focus on streamlining token migration while reinforcing security protocols.

Community reactions have highlighted anticipation for potential network upgrades or new exchange listings. Prominent figures like Woody Lightyear and Notorious have suggested that a major update could be imminent, with some interpreting recent wallet features such as “Binance Connect” and “Binance P2P” as indirect signals of broader institutional interest [1]. While US-regulated exchange Swapfone has already listed Pi Coin, the token’s availability on platforms like MEXC, OKX, and LBank remains speculative until confirmed [1]. Analysts have also circulated forecasts about Binance potentially listing Pi Coin following a major July unlock, though these remain unverified [3].

Security concerns have emerged as a key focus within the community. Dr. Altcoin, a notable Pi Network influencer, has raised alarms about the risks associated with passphrase-only access to Pi Wallets. He advocates for multi-factor authentication (MFA), suggesting biometric verification as an additional layer of protection after entering a passphrase to mitigate unauthorized access [1]. These concerns reflect broader anxieties about safeguarding user assets amid increased regulatory scrutiny and the transition to the mainnet.

The Pi Coin price has shown slight upward momentum, trading at approximately $0.44 with a 2% gain over the last 24 hours, according to CoinMarketCap data [1]. However, the token remains below the $0.5 threshold, indicating ongoing challenges in sustaining price growth. Market observers note that regulatory clarity and institutional adoption could play pivotal roles in shaping the token’s trajectory.

The emphasis on KYC compliance and security measures signals the Pi Network’s evolving focus on operational readiness and long-term scalability. Historical surges during past migrations suggest that increased transactional activity could follow once the mainnet transition is complete. Aligning with emerging technologies and expanding utility within the ecosystem will likely depend on successful user compliance and ongoing operational investments.

Source: [1] [Pi Network Issues Mainnet Reminder; Major Update Ahead?](https://coingape.com/pi-network-issues-mainnet-reminder-major-update-ahead/) [2] [Check Step 3 of the Mainnet Checklist to make sure you've ...](https://www.instagram.com/p/DMlEyYiNlby/) [3] [Latest PICOIN News, Opinions and Feed Today](https://www.binance.com/en/square/hashtag/PICOIN)