A few days ago, Banxa Pi transactions temporarily suspended, probably due to KYB (Know Your Business) approval. During this time it was generally known that Banxa had already acquired millions of PI at low prices, which suggests that they were planning to return as soon as the approval of the regulations was present.
Banxa now KYB approved – PI available in 100+ countries
According to an update shared by Dr. Altcoin has been officially approved Banxa. This is a major development for the PI network and the global community. With this approval, people in more than 100 countries can now immediately buy PI with cash via Banxa. This step also increases accessibility and can stimulate greater acceptance of the PI network.
More platforms are expected to follow. Bitmart, HTX and others will probably receive the KYB approval within the next 10 days, which demonstrates the growing institutional support for the project. It is important to note that only companies approved by KYB can legally use PI. On the other hand, people who participate in peer-to-peer (P2P) transactions must have been approved by KYC and use non-rights portfolios.
$ 1 target in sight?
In the meantime, the price of PI has seen a considerable rise. In the last 24 hours, $ PI has risen 2.5% and around $ 0.60 is now being traded. This is after weeks of price pressure caused by ongoing token disleases. With the pace of new unlocks that are expected to delay after mid -May, the sales pressure could relieve, making room for possible growth. The next major resistance is $ 0.70. An outbreak above that could open the path to $ 1, a level that would indicate stronger market confidence in the future of the project.