Some Pi Network users have been waiting for up to three years to transfer their mined Pi tokens to cryptocurrency exchanges, even after successfully completing the Know Your Customer (KYC) verification process.

As previously reported by VietNamNet, Pi Network officially listed its Pi token on cryptocurrency exchanges on February 20. Additionally, the KYC process for all Pi miners concluded on March 14.

However, despite these developments, millions of users are still unable to transfer their Pi tokens to exchanges due to delays in the final approval process, known as Step 9 - moving Pi to the mainnet for trading.

Some users have lost their entire mined Pi balance due to failed KYC verification, while others saw a reduction of 20-50% in their holdings because members in their mining network did not complete the KYC process.

Even those who passed KYC successfully are facing extended delays in gaining access to their tokens. Reports from the Pi Network community indicate that millions of users are still waiting for approval.

A user named H.P. from Ho Chi Minh City shared that it has been eight months since his successful KYC verification, yet he has not received approval to transfer his Pi tokens to exchanges. Despite the long wait, he continues to check the Pi Network app daily as a habit. When asked if he was disappointed with Pi Network’s process, H.P. said he remains optimistic and considers himself “just unlucky.”

Another miner, N.H., has been waiting for over three years to access his 2,000 Pi tokens, which are still locked. He continues to mine Pi daily in hopes that one day he will be able to sell them.

"I still open the app every day to click the lightning icon and collect Pi as part of my routine. Since mining is completely free, I haven’t lost anything. With Pi’s current price, I could earn a few thousand dollars, so it’s worth the wait," said N.H.

Some users have been luckier. T.A., a miner since 2019, was able to transfer a portion of his Pi tokens to an exchange. After completing KYC, he stopped mining but later resumed after hearing about the mainnet launch. He was allowed to transfer 190 Pi tokens for sale, while the remaining 1,700 Pi will be unlocked in three months.

"I sold all my unlocked Pi at $1.70 per token and treated my friends to a nice dinner. Now I’m waiting for the rest to be unlocked so I can sell them and buy a new motorbike," T.A. said optimistically.

However, not all users share the same patience. Many miners have grown frustrated with the prolonged delays, losing faith in the project. Some have decided to stop mining Pi altogether and switch to other emerging cryptocurrencies with similar mining mechanisms.

The Pi Network development team remains largely mysterious. Many users report having no official point of contact for inquiries and rely on community forums for guidance. Some users have even fallen victim to scams, losing their mined Pi tokens to fraudsters.

As of now, Pi tokens are trading between $1.30 and $1.50 per token, with no signs of a price surge.

In Vietnam, cryptocurrency transactions remain unregulated. The State Bank of Vietnam has repeatedly warned citizens about the risks of owning, buying, and selling digital currencies like Bitcoin and Pi, emphasizing that such transactions are not legally protected.

PV