- Bybit CEO rejects Pi Network listing, citing concerns over financial disputes and project legitimacy.
- OKX moves forward with listing PI tokens, triggering debate within the crypto industry.
- Pi Network’s mainnet launch set for February 20, but KYC delays fuel frustration among users.
Bybit CEO Ben Zhou has flat-out said “no” to listing the Pi Network (PI) token, making it clear the exchange wants absolutely nothing to do with the project, thereby casting doubt on its legitimacy.
His decision follows OKX’s listing of the token, a move that has ignited debate within the crypto community. While some see Pi Network as a new decentralized idea, plenty others are still questioning its whole deal, especially its referral-based mining and the fact that it’s taken forever to launch its main network.
Pi Network Listing Raises Concerns, Bybit Stands Firm on “No”
The Pi Network token’s spot listing on OKX has fueled speculation about its future. However, Bybit’s CEO dismissed the possibility of adding PI to the exchange, drawing from past experiences with financial disputes.
In a post on X, Zhou recalled incidents in the forex industry where investors demanded their money back after losses, saying he’s not looking to repeat that kind of drama in crypto.
Pi Network Under Fire: Legitimacy in Question After OKX Listing
Pi Network with its stated slogan that says you can mine crypto on your phone, still hasn’t launched its fully functional mainnet.
Despite this, OKX decided to list the token, which immediately raised eyebrows about whether it’s legit. Industry watchers are pointing out that Pi’s popularity is huge in regions where people aren’t so clued in on finance, which is making experts look at it extra hard.
Related: ByBit Registers in India, Eyes Return After Paying $1M+ Fine
KYC Backlog & “Pump-and-Dump” Fears Loom Over Pi Network Launch
To make matters worse, Pi Network’s big move to an open mainnet is slated for February 20, 2025, but with the project experiencing delays with its Know Your Customer (KYC) verification. And now users have come out venting their frustration on not being able to touch the tokens they’ve been mining for years.
While the mainnet launch hype has been constant, experts are warning about a potential “pump-and-dump.” Early miners might try to cash in big time as soon as outside transactions are live, which could send the price on a wild ride. The token’s IOU value has already shot up recently, showing things are getting heated ahead of the launch.
Related: Crypto.com Expands Beyond Crypto with EU License, New Products
Even with all the controversy, Pi Network still has a massive and loyal user base, with over 10 million verified members. The big question is: will the mainnet launch prove the project’s vision was right all along, or will it just trigger a massive sell-off? Guess we’ll have to wait and see.
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