Decisions by exchanges regarding the PI token have caused discord in the cryptocurrency community. Bybit has rejected listing the token, while other players are also reassessing their stance on the project.
Bybit's Decision and CEO Ben Zhou's Reaction
Bybit CEO Ben Zhou announced that his company will not list the PI token. In his X post, he emphasized, “I’ll keep my distance.” He also mentioned that he was asked to join the Pi network but rejected the idea, calling it ridiculous.
Pi Network's Plans and Challenges
The Pi Network plans to launch its mainnet on February 20, 2025. From that point, the network will enter the 'Open Network' phase. However, users have expressed concerns about potential trading risks and KYC verification difficulties for Chinese traders.
User Concerns and Criticism
Some users were surprised by the listing of the PI token, suggesting a potential shift towards a more centralized model. The Pi Network is described as a 'zero-cost mining project' where users can mine crypto on their phones. However, the project's referral system raises concerns that it might resemble a pyramid scheme.
The situation surrounding the PI token highlights the differing approaches of exchanges to new cryptocurrency assets. While some exchanges are wary of the project, others show interest despite the potential risks and contentious elements.
