Bybit CEO Rejects Pi Network Listing Amid Controversy

Bybit CEO Ben Zhou has officially declined requests to list Pi Network’s token on the exchange, citing concerns over controversy and the potential for investor backlash. His decision adds to the growing debate around Pi Network’s legitimacy and its future in the crypto industry.

Key Takeaway:

• Bybit CEO Ben Zhou has refused to list Pi Network’s token, citing past investor backlash concerns.
• He compared the situation to harassment he faced in forex trading, wanting to avoid similar issues in crypto.
• Pi Network faces scrutiny in China, with accusations of operating like a pyramid scheme.
• While OKX supports Pi, other exchanges like Bitget have removed related content, signaling hesitation.
• Pi Network’s Open Network launch is set for February 20, 2025, but exchange support remains uncertain.

Concerns Over Investor Reactions

Zhou revealed that his refusal to list Pi Network is largely influenced by his past experiences in forex trading, where he faced harassment from disgruntled investors. He expressed a desire to avoid similar issues in the cryptocurrency space, where investor expectations can quickly turn into disputes with exchanges.

Pi Network’s Controversial Status

Pi Network has come under renewed scrutiny, particularly in China, where it has been accused of operating like a pyramid scheme. The network has millions of users mining its token through mobile applications, but questions remain about its tokenomics, decentralization, and regulatory standing.

Mixed Reactions From Crypto Exchanges

While OKX has announced support for Pi, other exchanges remain cautious. Bitget has quietly removed content related to Pi Network, signaling uncertainty within the industry. Bybit’s decision to steer clear of Pi further reflects the hesitation among major exchanges to embrace the token.

What’s Next for Pi Network?

Despite these setbacks, Pi Network continues to push forward with its Open Network launch scheduled for February 20, 2025. However, without broad exchange support, the token’s future liquidity and adoption could face challenges.

As the crypto industry watches closely, it remains to be seen whether Pi Network can overcome skepticism and gain wider acceptance among major exchanges.

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