It would be a major flaw if PIVX didn't announce this, you cant lose any coins and lastly Banks change their terms of service almost yearly and ask for KYC and AML updates almost yearly, failure to do so will result in the loss of your funds, It's a new secure network and users should update to reap the benefits. Not updating doesn't make you lose your coins. You simply just wont be able to transact with anyone until you update.
RE: PIVX mandatory update v3.0.0