The post Binance Under Fire Over Controversial Pi Network Listing Vote appeared first on Coinpedia Fintech News
Recently, binance faced criticism after reopening its token listing for community voting and considering adding Pi Network (PI). Critics are questioning Binance’s priorities and the potential risks involved.
Recently, Binance kicked off a community vote to decide whether Pi Network should be listed on the exchange. This marketing-driven poll gives users a chance to share their thoughts on the listing. Voting closes on February 27. With 85% of voters in favor, just a day before its mainnet launch, the project is gaining impressive momentum and attention in the crypto community.
Despite strong support, some, like Colin Wu, founder of Wu Blockchain, have criticized Binance’s decision. He raised concerns about the platform reviving community-driven listings after a seven-year break. “I originally thought OKX was already playing it risky, but Binance took it even further with PI,” he said.
Binance’s Reputation At Stake?
Wu argued that Binance’s focus on attracting traffic and new users with high-risk tokens could compromise its reputation and responsibility to maintain security. This isn’t the first time Binance has faced criticism over its listing process. Former CEO Changpeng Zhao (CZ) recently called the process “a bit broken.” Wu also warned that listing Pi could pose serious risks to the vulnerable Chinese-speaking community.
Binance, however, defended its stance by clarifying that not all votes would be considered valid, indicating they would carefully evaluate the voting process before making any decisions.
“Votes from users reported in certain countries or regions, including but not limited to mainland China, will not be counted as valid,” the post read.
Experts Remain Skeptical
Notably, votes from ineligible regions, users who don’t meet the criteria, or those violating Binance’s terms will be excluded from the final count. It also emphasized that while voting results are considered, an internal evaluation will decide whether Pi Network gets listed. While several other centralized exchanges have also announced Pi coin listings, many industry experts remain skeptical, citing legal and listing risks.
