Pi Coin users face withdrawal issues on Bitget, OKX
Pi Network users are currently facing challenges when attempting to withdraw their Pi coins from exchanges such as Bitget and OKX.
Reports indicate that many users have experienced delays, with tokens becoming stuck on these platforms.
This situation arose amid a backdrop of price volatility, with the value of Pi dropping below $1, which has led to increased selling pressure among holders.
Withdrawal suspension details
Users on both Bitget and OKX have reported being unable to access their funds. For instance, one user mentioned depositing 1,500 Pi into Bitget but found their tokens inaccessible.
Similarly, another user noted that OKX had suspended withdrawals for over 24 hours.
In response to these issues, users have reached out to customer support for assistance. Bitget acknowledged the situation in a communication stating that the user’s request was being prioritized and would be handled within 24-48 hours. However, there remains uncertainty regarding when full withdrawal capabilities will be restored.
Possible causes of withdrawal issues
The reasons behind these withdrawal problems are not entirely clear but may involve several factors:
Regulatory Concerns: There is speculation that regulatory issues could be influencing the current market conditions and withdrawal capabilities. Users have raised questions about whether compliance measures or other regulatory factors are contributing to the difficulties experienced.
READ ALSO: Challenges as Bybit, others refuse to list Pi coin despite potential open network launch
Surge in Traffic: The Pi Network team has cited a “surge in traffic” as a reason for the delays in processing withdrawals. This raises concerns among users about whether the platform was adequately prepared for such demand after its official launch.
KYC Verification Process: The Know Your Customer (KYC) process implemented by Pi Network adds another layer of complexity to withdrawals. Users must complete KYC verification before they can withdraw their tokens, which can take considerable time and may further delay access to funds.
Market Manipulation Concerns: Some community members speculate that limiting withdrawals might be a strategy employed by the team to control market supply and prevent a rapid decline in token prices due to mass sell-offs.
Given the current situation, it is crucial for Pi Network users to stay informed about announcements from both exchanges and the Pi Core Team regarding withdrawal processes and any potential resolutions to these issues. Additionally, users should exercise caution regarding trading pairs listed on decentralized exchanges (DEXs), as there have been warnings about fraudulent listings potentially leading to scams.
