Bybit CEO Rejects Pi Token Itemizing Amid Pyramid Scheme Controversy

OKX just lately expanded its spot buying and selling markets to incorporate the Pi token, however Bybit CEO Ben Zhou dominated out the potential of itemizing it on the change, citing issues on Wednesday.

Zhou’s choice follows ongoing allegations that Pi Community operates as a pyramid scheme in China. The talk over Pi Community escalated after OKX introduced its choice to listing the Pi token the day earlier than Zhou’s assertion.

In distinction, Bitget, which had initially proven help for the token, quietly eliminated associated data, additional fueling uncertainty about Pi Community’s legitimacy.

Bybit CEO Rejects Pi Community Itemizing, Citing Skepticism

Zhou took to X to close down hypothesis a few potential Pi itemizing on Bybit.

今天一堆人问我要不要上pi，我说别他妈逗逼了，我以前做外汇成天被大妈大爷拉横幅还我血汗钱，做币圈就是真的不想整这出了。。。敬而远之。。谢谢。

“[A bunch of people asked me today if I wanted to list Pi. I said, stop being ridiculous. Back when I was trading forex, I kept getting confronted by middle-aged men and women demanding their hard-earned money back. I really don’t want to deal with that in the crypto space… Keeping my distance. Thanks.]” (translated from Chinese language), he wrote.

Zhou’s remarks point out deep skepticism towards Pi Community’s enterprise mannequin. The corporate claims to allow “cell mining” as a method to make cryptocurrency extra accessible.

Critics contend that the platform resembles a multi-level advertising scheme slightly than a official blockchain undertaking.

Zhou additionally shared that he was personally invited to hitch Pi Community however turned down the supply, calling it “ridiculous.”

His agency stance aligns with Bybit’s cautious method to itemizing belongings which will pose regulatory or reputational dangers.

Regardless of the skepticism, OKX has doubled down on supporting Pi.

The change confirmed that deposits for the token opened on February 12 at 2:45 UTC, with spot buying and selling formally launching on February 20 at 8:00 UTC. Pi withdrawals will turn out to be obtainable on February 21 at 8:00 UTC.

Pi Community plans to launch its mainnet on February 20, driving hypothesis and elevated buying and selling exercise.

The undertaking just lately introduced that it had verified 10 million customers, however doubts persist relating to its true decentralization and token liquidity.

OKX’s Pi Community Itemizing Sparks Debate Amid Market Shifts

As debate over Pi Community’s itemizing continued, crypto analyst Haotian, often called CryptoInsight on X, shared his perspective in an in depth X publish.

He famous that Pi Community has attracted customers in areas with decrease monetary literacy, resulting in widespread misconceptions—notably resulting from deceptive slogans akin to “one PI, one BTC.”

In his view, critics ought to merely ignore the undertaking in the event that they don’t help it.

Past Pi’s itemizing, Haotian highlighted broader issues about market liquidity and the way exchanges prioritize token listings. Prior to now, itemizing groups targeted on undertaking fundamentals and utility.

Now, he argues, monetary incentives are diminishing, and branding benefits for brand spanking new tokens are weakening.

He additionally questioned why AI-driven tokens are being neglected whereas Pi receives consideration.

Regardless of Pi Community’s mainnet launch being scheduled for February 20, 2025, some exchanges already supply IOU buying and selling for Pi tokens.

After OKX confirmed its help for Pi, the token’s IOU worth jumped practically 80% inside 24 hours, reaching $86.

Nevertheless, long-time Pi miners stay annoyed with ongoing KYC delays, as the most recent verification deadline has now been prolonged to February 28, 2025.

Bybit’s refusal to listing the Pi token cuts to the core of a mounting debate in crypto: how a lot threat can buyers—and exchanges—afford when the promise of simple entry collides with timeworn warning?

With platforms taking sharply completely different stances, this episode challenges every market participant to sift by way of hype and assess whether or not the potential rewards justify getting into uncharted territory.

The Pi token’s story isn’t simply one other market second—it’s a name to replicate on how we weigh alternative towards uncertainty.

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