By Kamina Bashir
February 19, 2025, 11:36 GMT+0000
Edited by
Luis Blanco
February 19, 2025, 10:15 GMT+0000
IN SUMMARY
Binance has reopened token listings through community votes, considering adding Pi Network, which has raised concerns among critics.
Despite the 85% support in the voting, experts question the potential risks of Pi Network, citing security and reputation concerns.
Binance, the world's largest cryptocurrency exchange, has faced criticism after reopening its token listing by community vote and considering listing Pi Network (PI).
The decision has faced significant backlash, with critics questioning the platform's priorities and highlighting potential risks.
The listing of Pi Network on Binance raises concerns
BeInCrypto reported that on February 17, the exchange launched a Binance Community Vote for Pi Network. This marketing-driven voting event allows users to express their opinions on whether Pi should be listed on the exchange.
The voting for the listing of Pi Network ends on February 27. Currently, 85% of voters support the listing of Pi, just one day before its launch on mainnet. Additionally, the project has gained notable traction and visibility within the crypto community.
Despite the support, some users, including Colin Wu, founder of Wu Blockchain, have not responded favorably to Binance's decision. He expressed concerns about Binance's decision to revive community-driven listings after a seven-year pause.
“I originally thought OKX was already playing risky, but Binance went even further with PI,” Wu said.
Wu argued that Binance's focus on driving traffic and user sign-ups through high-risk tokens compromises its responsibility to maintain security and its leading reputation in the industry.
This is not the first time Binance has faced criticism for its listing process. Recently, the former CEO of the exchange, Changpeng Zhao (CZ), even described the process as 'a bit broken.' According to the latest data from CoinGecko, there are currently 398 tokens listed on Binance.