In early 2025, Binance, the world's largest cryptocurrency exchange, faced significant backlash from the Pi Network community due to its decision not to list Pi Coin. This controversy highlights the complexities and challenges of cryptocurrency exchange listings, especially concerning projects with substantial community support but questionable legitimacy.
Community Uproar Over Binance's Decision
Between February 17 and February 27, 2025, Binance conducted a poll through its Binance Square Official account to gauge user interest in listing Pi Coin. The results showed that over 85% of respondents supported the listing. However, Binance clarified that the poll was for reference only and did not guarantee any action. The exchange emphasized that its listing process involves comprehensive due diligence, evaluating factors such as project quality, team, market demand, use case, technological innovation, and compliance .
This clarification led to frustration among Pi Network supporters, who had anticipated that the poll results would directly influence Binance's decision. In response, many community members organized campaigns urging users to rate Binance's app with one-star reviews on platforms like Google Play and the Apple App Store. This movement significantly impacted Binance's app ratings, with its Google Play rating dropping from 4.9 to 3.8 out of 5, and its App Store rating falling from 4.8 to 4.2 .
Concerns Surrounding Pi Network
Despite the strong community support, several factors contributed to Binance's hesitation to list Pi Coin. Blockchain experts have raised concerns about Pi Network's lack of essential elements, such as smart contracts and open-source code, which are fundamental for a legitimate cryptocurrency project. Additionally, the project's decentralized structure has been questioned, as all active mainnet nodes are reportedly controlled by the Pi Network team, rather than a distributed network of independent validators .
Furthermore, other cryptocurrency exchanges have expressed skepticism about Pi Network. Bybit's CEO, Ben Zhou, publicly labeled Pi Coin as a scam, citing warnings from Chinese authorities about fraudulent activities associated with the project. He highlighted instances where scammers targeted individuals, particularly the elderly, to steal personal information and money under the guise of Pi Coin investments .
Implications for Pi Network and the Crypto Community
The backlash against Binance underscores the challenges that cryptocurrency projects face when seeking listings on major exchanges. While community support is vital, it does not override the necessity for thorough due diligence and adherence to security and compliance standards. Exchanges must balance user interest with the responsibility to protect their platforms and users from potentially fraudulent or unstable projects.
For Pi Network, the incident highlights the importance of transparency, technological robustness, and adherence to decentralized principles to gain credibility within the broader crypto ecosystem. Without addressing these concerns, the project may continue to face skepticism from major exchanges and industry experts.
In conclusion, Binance's decision not to list Pi Coin, despite overwhelming community support, reflects the complex dynamics between cryptocurrency exchanges, emerging projects, and their communities. It serves as a reminder that while community enthusiasm is crucial, it must be accompanied by verifiable project legitimacy and compliance with industry standards to achieve broader acceptance and success.