The U.S. Securities and Exchange Commission (SEC) has recently launched an investigation into the KYC process of Pi Network, questioning its user data collection and anti-money laundering compliance. Although the Pi team responded that they have obtained EU GDPR certification, some exchanges have still suspended the withdrawal function of Pi coins. Legal experts pointed out that if deemed a security, Pi coins may face mandatory registration and fines, causing panic in the community, with the coin price adjusting by 15% within a week.
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#PI Abstract
The U.S. Securities and Exchange Commission (SEC) has recently launched an investigation into the KYC process of Pi Network, questioning its user data collection and anti-money laundering compliance. Although the Pi team responded that they have obtained EU GDPR certification, some exchanges have still suspended the withdrawal function of Pi coins. Legal experts pointed out that if deemed a security, Pi coins may face mandatory registration and fines, causing panic in the community, with the coin price adjusting by 15% within a week.