Pi Network approves BANXA KYB, price struggles near support

Pi Network has officially approved BANXA under its Know Your Business framework, a move that significantly boosts the project’s global reach. Because of this approval, people in over 100 countries can now purchase Pi Network (PI) directly with cash using BANXA, eliminating the hassle that comes with cryptocurrency onramps. The announcement was first shared by popular crypto analyst Dr. Altcoin on May 2, who described it as a “game-changer” in Pi Network’s push for mass adoption. BANXA is now KYB approved! What does this mean for the Pi Community and beyond? It means people in over 100 countries can now instantly buy Pi with cash through BANXA. This is a game-changer for accessibility and global adoption. BitMart, HTX, and others are also expected to... pic.twitter.com/KRTCyXqlPc — Dr Altcoin (@Dr_Picoin) May 2, 2025 In addition, users participating in peer-to-peer transactions must pass know your customer checks and use non-custodial wallets. This multi-layered verification system helps to meet changing regulatory requirements, enhance safety, and reduce fraud. Within the coming days, exchanges like BitMart and HTX are expected to receive additional KYB approvals, according to Dr. Altcoin. These developments are anticiated to be key talking points at Consensus 2025, and Pi’s regulatory-first approach might help it stand out in a crowded market. Pi’s price action has remained relatively flat despite the positive news. The PI/USDT pair is currently holding just above the $0.58 support level, even though momentum is clearly waning. The price has fallen below important moving averages, such as the 10, 20, and even 50-day averages, indicating that sellers are still in charge. The relative strength index, which is currently hovering around 40, shows that bulls are lacking enough pressure, but it does not validate oversold conditions. The moving average convergence divergence is weak and does not exhibit any bullish crossover, despite being marginally positive. There is no strong volume and the average directional index is below 10, which suggests a very weak trend at the moment. This hesitancy implies that the market is awaiting a distinct catalyst before deciding on a course. The bias will probably continue to be downward as long as Pi remains below its 20-day average. Still, if the $0.58 support holds and sentiment around Pi’s compliance push continues to build, a relief bounce is possible. But for a real reversal to gain traction, Pi would need to reclaim the $0.60–$0.62 area with strong volume. Until then, traders may remain cautious. Source: https://crypto.news/pi-network-approves-banxa-kyb-as-price-continues-to-struggle-near-0-58-support/