Critics are taking swipes at Pi Network and the PiCoreTeam after PiDaoSwap raised concerns over lengthy delays for Know Your Business (KYB) approvals. The delays have forced the hand of PiDaoSwap to roll out non-fungible tokens (NFTs) on Binance Chain as a short-term solution.<\/p>\n
Pi Network Faces Criticism for KYB Delays<\/h2>\n
Decentralized exchange PiDaoSwap has expressed worry over the prolonged delays of the KYB review process on Pi Network. According to a\u00a0statement on X<\/a>, PiDaoSwap submitted a KYB application, but 15 days later, the PiCoreTeam (PCT) has yet to issue an approval.<\/p>\n To build on the Pi Network, projects will need to submit a KYB application to pass the PCT\u2019s due diligence process. An approval will give projects access to developer support, funding, and other ancillary perks for building in the Pi ecosystem.<\/p>\n However, after over two weeks, PiDaoSwap describes the wait as an \u201cagonizing\u201d one. Per the statement, PiDaoSwap is unable to start full development on the Pi mainnet because of the delay.<\/p>\n Following the delay, PiDaoSwap says it will launch NFTs on Binance Smart Chain (BSC) while it waits for approval. Binance continues to exclude Pi Network in its Vote To List initiative<\/a> as it focuses on BSC projects.<\/p>\n \u201cWe have chosen to launch community NFTs on BSC as an interim solution rather than continuing to wait idly,\u201d said PiDaoSwap. \u201cOnly after KYB approval can we proceed with in-depth development and ecosystem building on the Pi mainnet.\u201d<\/p>\n Thought leaders in the Pi ecosystem have been vocal in their criticism of the PCT. Dr Altcoin, an active member of the ecosystem, took swipes at the PCT over the KYB approval delays. He argues that PiDaoSwap is not an isolated incident, adding that several centralized exchanges are waiting for KYB approvals.<\/p>\n \u201cThis is one example of a clear failure by the PCT,\u201d said Dr Altcoin. \u201cI also know some CEXs are on the waiting list for KYB approval.\u201d<\/p>\n Furthermore, Dr Altcoin theorizes that Bybit not listing Pi Network<\/a> is the fault of the PiCoreTeam. Dr Altcoin disclosed that the delays in centralized exchanges result from a lack of transparency by the PCT for token locking and burning mechanisms.<\/p>\nPiCoreTeam Catching Backlash In Recent Weeks<\/h2>\n
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/d3c68c40d23261dc2cb9cf6f8f3be0c0?s=200&d=mm&r=g\")