The post Bybit CEO Refuses to List Controversial PI Token After OKX Announcement appeared first on Coinpedia Fintech News
After OKX announced it would list the controversial PI token, linked to pyramid scheme concerns in China, Bybit CEO has declined to list it. Meanwhile, Bitget removed information about the token after initially announcing its launch.
ByBit CEO Ben Zhou in an X post has rejected the idea of joining the PiCoreTeam network, saying, “I’ll keep my distance.”
He shared that recently he was asked to join “Pi,” but rejected the idea, calling it ridiculous. He also shared that during his time trading forex, he frequently dealt with people asking for refunds or returns of his money. “I really don’t want to get involved in the cryptocurrency world… Stay away from it,” he shared.
The Pi Network’s mainnet will launch on Feb. 20, 2025, at 8:00 UTC, transitioning into what it calls the “Open Network period of Mainnet.”
However, users have expressed concerns about possible trading risks. One user expressed surprise at the listing, suggesting it might signal a shift towards a more centralized model. He describes the Pi Network as a “zero-cost mining project” where users can mine crypto on their phones with minimal barriers. The user also raised concerns about the Pi Network’s referral system, suggesting it could resemble a pyramid scheme.
However, the protocol stated that Pi aims to be a safe web3 space where Pioneers can connect with the Pi they hold. However, the X user claimed that Chinese traders have struggled with KYC verification due to limited slots or system issues, and even if they start now, they may not be approved in time for the token’s listing.