Pi Network's KYC Grace Period and Migration Deadline: A Critical Countdown to December 31, 2024
By: Elena - Pi Network has announced a six-month grace period for completing the Know Your Customer (KYC) process and migrating to the Open Network, providing valuable time for Pioneers to secure all the Pi they have mined.
This innovative move aims to expedite the KYC
and migration processes, ensuring that every Pioneer can join the open mainnet
without losing their Pi balance. The grace period extends until December 31,
2024, and Pioneers are expected to complete all necessary steps within this
timeframe.
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Key Steps for Pioneers
- Initial KYC Application:
Pioneers must submit their initial KYC application within the first three
months of the grace period, by September 30, 2024.
- Complete the Mainnet Checklist:
Pioneers must finalize all steps in the Mainnet Checklist to migrate to
the Open Network within six months, by December 31, 2024.
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Failure to submit the initial KYC application
within the first three months or to complete all migration steps within six
months may result in Pioneers losing most of their mined Pi balance. In this
scenario, only the Pi mined within the last six months before migration will be
retained.
The Critical Grace Period
This grace period is designed as a crucial
window to ensure that all Pioneers can continue their participation in the Pi
network without significant loss of balance. With a rolling six-month window,
each Pioneer must proactively complete the two key steps within this period to
avoid losing their Pi balance.
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With the December 31, 2024, deadline
approaching, Pioneers are urged to promptly submit their KYC applications and
complete all steps in the Mainnet Checklist. Swift and timely action will
ensure they can retain all the Pi they have mined and transition smoothly to
the Open Network.
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