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Pi Network Token Faces Controversy As Bybit Rejects Listing

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Pi Network Token Faces Controversy As Bybit Rejects Listing

Key Points:

  • Pi Network will be listed on OKX, but Bybit’s CEO has declined to list the PI token due to concerns about its business model.
  • The project’s open mainnet is expected on February 20, driving a surge in Pi’s IOU value, although delays and KYC concerns remain.

Pi Network, a decentralized cryptocurrency project that has yet to launch its open mainnet, is set to be listed on the OKX exchange. While the move marks a significant development, the token remains largely unrecognized by major exchanges.

Read more: Pi Chain Mall: Platform to Support Optimizing the Best Experience of Pi Network Ecosystem

Bybit’s CEO Refuses to List Pi Network Token

The OKX listing announcement has sparked debate, particularly regarding Pi Network’s business model, which some critics liken to a pyramid scheme.

Following OKX’s decision, Bybit’s CEO publicly refused to list the token, citing a tweet criticizing the project by “middle-aged people.”

Pi Network, which promotes mobile mining to make cryptocurrency more accessible, recently announced that it had verified 10 million users. The upcoming open mainnet launch, expected to take place on February 20, has fueled speculation and market activity.

According to data from exchanges like Binance and Bitget, as well as price tracking platforms such as CoinGecko and CoinMarketCap, the value of PI in its IOU (I Owe You) form has surged. The increase is attributed to traders anticipating the open network phase, which could enable external transactions.

Pi Network IOU price
Pi Network IOU price. Source: CoinMarketCap

Experts Warn of Potential Pump-and-Dump Risks

Despite the excitement, concerns persist regarding Pi Network’s long delays and its referral-based model. Additionally, some users and traders have raised issues about know-your-customer (KYC) verification processes.

Experts warn that the launch could trigger speculative trading patterns similar to those seen with meme coins. Many users, having accumulated PI tokens through mining, may rush to sell once the token becomes tradable, potentially leading to price volatility and pump-and-dump scenarios.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Avatar of John Kojo Kumi

John Kojo Kumi

12 February 2025, 14:00:04 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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