A few days ago, Banxa temporarily suspended the PI transactions, probably due to the pending KYB approved (knowing your business). During this time, it is widely known that Banxa has earned millions of PI at low prices, suggesting that they plan to return once the regulation approved is in place.
Banxa KYB has approved today – PI is available in 100+ countries
Now, according to an update shared by Dr. Altcoin, Banxa is officially approved by KYB. This is a major development for the PI network and its global community. With this approval, people in more than 100 countries can now buy PI using cash by Banxa. This move also strengthens accessing and can drive more PI network adoption.
Many platforms are expected to follow. Bitmart, HTX, and others are likely to receive KYB's approval within the next 10 days, showing growing institutional support for the project. It is important to note that companies approved by KYB are legally allowed to use and trade PI. On the other hand, individuals participating in peer-to-peer (P2P) transactions should be approved by KYC and use non-custodial wallets.
$ 1 vision target?
Meanwhile, Pi's price has seen a decent increase. In the past 24 hours, $ PI has risen to 2.5% and is now trading around $ 0.60. This came after weeks of price pressure caused by the continued unlocking of the token. However, at the speed of new unlocks expected slow after mid-May, the sale of pressure can be convenient, providing the room for potential growth. The next major resistance lies at $ 0.70. A breakout above that can open the path to $ 1, a level that will indicate stronger market confidence in the project.
