Ray Youssef, CEO of NoOnes and former co-founder of Paxful, believes that Binance listing is no longer a symbol of legitimacy but a liability.
In the latest podcast, Youssef mentioned that Binance has shifted from being a growth engine for crypto projects to a "mining machine" since Changpeng Zhao's (CZ) departure.
It hasn't retreated.
Youssef said: "Listings on Binance used to make sense. Now, they are like a kiss of death."
Have Binance's listings lost their legitimacy?
Youssef claims that the Binance platform drastically changed its course after U.S. authorities pressured CZ to resign in 2023. He claimed that since then, the exchange has acted against user interests and selectively listed projects based on what they could extract in return.
After the U.S. takeover of Binance, everything changed, he said. "They disrupted peer-to-peer trading across Africa. Egyptians can no longer trade with Nigerians. That was the first step."
He accused the new management of prioritizing control and profit at the expense of the community and innovation. Youssef also claimed that Pay Network could have rejected Binance's alleged request for a large allocation of tokens or high listing fees, which led to the current listing impasse.
Youssef said: "They didn't want to give Binance 50% of their token supply. So Binance didn’t list them. It's that simple."
He described the listing model as exploitative.
They list fraudulent tokens, create rugs, and then throw them at the community, he said. "They are not building anything; they are merely exploiting what remains."
Youssef also pointed out similarities with Pump.Fun, describing both as schemes for profit extraction.
"Binance today is a Pump.Fun platform with a user interface. All that matters is collecting, dumping, and draining value."
Why might Binance listing not help Pi Network?
As Pi Network users continue to push for its listing on Binance, Youssef claims it may be a disguised blessing that this hasn't occurred.
If Pay were listed, its token price would be ten times lower, he said. "Binance would have abandoned it like they do with everything else."
Binance played a pivotal role in promoting Initial Coin Offerings (ICOs) and giving small projects a chance. But Youssef emphasized that this era is over.
He noted that token launches relying on exchanges today aim to monopolize supply more than promote innovation.
"If you don’t deliver large amounts of tokens or pay large fees, they don’t want you."
This possibility challenges a long-held belief in crypto: that being listed on Binance is the final stop before mainstream adoption.
People used to think that being listed on Binance meant legitimacy. Now, it usually means a quick pump and a long dump. There are better ways to reach your community than handing over half your resources to mid-level managers.
Is Pi Network a pyramid scheme?
The Pay network has long faced criticism for its invitation-only mining model, which rewards user acquisition. Skeptics describe it as a pyramid scheme, while supporters see it as an innovative way to build a user base.
And Ray Youssef did not directly endorse the project, but he highlighted one reason it might be misinterpreted.
People underestimate the term "pyramid scheme." Pyramid schemes themselves are not the problem; Avon built a global business using them. The real question is: Is real effort being made, or are we paying old users with new users' money only? If real value isn't created, it becomes destructive. However, if there is real effort, even if it's human effort, it's legitimate. That’s the difference between fraud and a smart model.
He did not comment on the technical merits of the project. But his approach suggests that Pay's refusal to list under Binance's terms may reflect a level of integrity, or at least independence.
Why is the price of intellectual property continuing to decline?
Despite many major updates and ecosystem launches, the PI coin continues to lose value. It has reached all-time lows despite significant developments, such as the launch of Pi App Studio and new partnerships with merchants. According to Ray Youssef, the problem lies with who conveys the message.
He said: "In the blockchain world, developers are your safety net. They are like subscribers to your token's price."
He explained that retail users can drive mass adoption, but developers are crucial in defending the price through ecosystem support and technical advocacy.
Pi has achieved great success in the retail sector: millions of people are mining the currency. But what about the developers? This number is very small, he said.
Youssef compared this to Ethereum's early success. He pointed out how Vitalik Buterin actively sought to attract developers, creating a technical community that helps validate every upgrade and build long-term trust.
The: "The Ghanaians, Nigerians, and Argentinians using the app do not know what zk-SNARK is. They cannot convey this value. Only developers can do that."
He argued that the Pay Network's unknown leadership and lack of technical openness may have discouraged developer participation. Without this foundation, even significant updates fail to generate price momentum.
Perhaps the structure does not attract developers. And maybe the team's presence in the shadows is hindering them, he added.
The result: a project with millions of users, but without technical promoters to boost its progress. This disparity may explain why price movements hinder its growth in the ecosystem.
Final reflections
Ray Youssef's comments reflect broader accounts in the crypto space: where centralization in exchange listings, regulatory capture, and consolidation of power have created systemic risks.
In his opinion, Pi Network may have avoided falling into the trap of not being listed on Binance, despite community pressures.
Projects list on Binance thinking it’s their big opportunity. But instead, they are neglected by whales. Perhaps their situation is better this way, he concluded.
As discussions continue around the future of intellectual property and the utility of tokens, one thing is clear: legitimacy in cryptocurrencies no longer flows through the same channels as before.
If you liked the article, don't forget to follow to receive all the latest in the world of good and bad cryptocurrencies.