Bybit CEO Rejects Pi Token Itemizing Amid Pyramid Scheme Controversy

OKX not too long ago expanded its spot buying and selling markets to incorporate the Pi token, however Bybit CEO Ben Zhou dominated out the potential for itemizing it on the trade, citing issues on Wednesday.

Zhou’s resolution follows ongoing allegations that Pi Community operates as a pyramid scheme in China. The talk over Pi Community escalated after OKX introduced its resolution 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 couple of 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 approach to make cryptocurrency extra accessible.

Critics contend that the platform resembles a multi-level advertising and marketing scheme moderately than a reliable blockchain mission.

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

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

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

The trade 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 accessible 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 mission not too long ago introduced that it had verified 10 million customers, however doubts persist concerning 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 submit.

He famous that Pi Community has attracted customers in areas with decrease monetary literacy, resulting in widespread misconceptions—significantly as a consequence of deceptive slogans resembling “one PI, one BTC.”

In his view, critics ought to merely ignore the mission 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. Previously, itemizing groups targeted on mission 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 missed whereas Pi receives consideration.

Regardless of Pi Community’s mainnet launch being scheduled for February 20, 2025, some exchanges already provide 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.

Nonetheless, long-time Pi miners stay annoyed with ongoing KYC delays, as the newest 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 traders—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 means of hype and assess whether or not the potential rewards justify entering 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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