Pi Cryptocurrency: Price Rises 1%, Banxa Gains KYB Approval, Enabling Pi Coin Purchases Across 100+ Countries

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Analysts suggest that the current downward pressure—largely attributed to ongoing token unlocks—may ease after mid-May, providing scope for stabilisation.

In a key development for the Pi Network and its worldwide community, Banxa, a prominent fiat-to-crypto payment platform, has secured Know Your Business (KYB) regulatory approval. This move, announced on Monday, enables users in more than 100 countries to purchase Pi Coin directly with cash, boosting the project’s accessibility and potentially accelerating mainstream adoption.

The approval arrives after a pause in Pi transactions on Banxa, during which speculation mounted that the company had accumulated significant volumes of Pi at lower prices. Industry observers now believe Banxa strategically timed its re-entry to align with regulatory compliance, a move likely to restore user trust and revive trading volumes.

In a related update, Banxa noted that only KYB-approved entities can legally facilitate Pi transactions, while individuals engaging in peer-to-peer (P2P) transfers must complete Know Your Customer (KYC) checks and use non-custodial wallets. Other platforms such as BitMart and HTX are reportedly in line for KYB approval within the next 10 days, reflecting increasing institutional interest in Pi.

The Pi Network, originally launched as a mobile mining project, has grown to over 47 million users globally but has faced scrutiny over its coin’s liquidity and exchange listings. According to CoinMarketCap, the price of Pi Coin has plummeted by approximately 82 per cent from its all-time high of USD 3 to around USD 0.50, raising concerns about the project’s sustainability.

Despite the downturn, Pi Coin has shown modest recovery, with a 2.5 per cent rise in the past 24 hours. Analysts suggest that the current downward pressure—largely attributed to ongoing token unlocks—may ease after mid-May, providing scope for stabilisation. The next key resistance level is at USD 0.60. Should it break above this, traders anticipate a possible rally towards USD 1, signalling renewed market confidence.

Banxa’s latest milestone not only bolsters Pi’s transactional framework but also reflects broader crypto market trends as regulators worldwide tighten scrutiny on digital assets. The development underscores the growing importance of compliance and transparency for blockchain-based platforms seeking long-term legitimacy.