Binance, the world’s largest cryptocurrency exchange, has faced criticism for its decision to reopen token listing by community vote, including considering the addition of Pi Network (PI).
The move has sparked concerns among critics, who have raised questions about the platform’s priorities and the potential risks involved.
Pi Network Listing on Binance Raises Eyebrows
Reported by BeInCrypto, on February 17, the exchange initiated a Binance Community Vote for Pi Network. This promotional polling event enables users to share their views on whether Pi should be listed on the exchange.
Voting for the Pi Network listing will conclude on February 27. Presently, 85% of voters are in favor of listing Pi, just ahead of its mainnet launch. The project has garnered significant attention and support from the crypto community.
Despite the positive reception, some users, including Colin Wu of Wu Blockchain, have expressed reservations about Binance’s decision. Wu raised concerns about the risks associated with Binance reviving community-driven listings after a lengthy hiatus.
“I thought OKX was already taking a risk, but Binance has taken it a step further with PI,” Wu remarked.
He emphasized that Binance's focus on attracting traffic and new user registrations through high-risk tokens could compromise security standards and its reputable status in the industry.
This is not the first instance of criticism directed at Binance's listing process. Former CEO Changpeng Zhao (CZ) previously acknowledged that the process was “a bit broken.” According to CoinGecko data, there are currently 398 coins listed on Binance.
Wu also warned that listing Pi could pose significant risks for the vulnerable Chinese-speaking community.
“Binance has established itself as an industry infrastructure—it should prioritize security and reputation over chasing user numbers,” he stated.
Binance defended its decision by clarifying that not all votes would be considered valid.
“Votes from users located in certain countries or regions, such as mainland China, will not be deemed valid,” a statement read.
The platform specified that votes failing to meet eligibility requirements, originating from irrelevant regions, or infringing on terms and conditions would be excluded from the final tally.
It emphasized that while the voting results would be taken into account, an internal evaluation would ultimately determine whether to list Pi Network.
Other centralized exchanges have also announced Pi coin listings, but skepticism remains among industry experts, who highlight legal and listing risks associated with the Pi Network.