Pi Network Listing on Binance? Critics Slam Reckless Community Vote

Recently, binance faced criticism after reopening its token listing for community voting and considering adding Pi Network (PI). Critics are questioning Binance Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment 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 Changpeng Zhao Changpeng Zhao is a well-known Chinese Canadian entrepreneur who is also known to be the founder of Binance, established in 2017 alongside Yi He, It is the biggest cryptocurrency exchange in the world based on trading sector and volume. Before this, CZ served as the Head of Development at Blockchain.info and later worked at OKCoin as the Chief Technology Officer. Under CZ’s leadership, Binance launched an ICO( initial coin offering ) that was able to successfully raise $15 million and rapidly became the largest exchange within a few months. Changpeng has always been an advocate for decentralized finance and blockchain Technology. Changpeng is a top blockchain speaker to is actively initiating contributions in the development of the rapidly growing crypto and blockchain space, where he recently attended the Token2049 Singapore event to share his insights on the tech.   Personal Details:Born: 1977Organization: BinanceLocation: UAEEducation: Changpeng graduated with a BSc. A degree in computer science from McGill University  Experience: CEO of Binance from Jul 2017 to Nov 2023 Founder- Bijie Tech from Sep 2015 to Jul 2017 Head of Development - Blockchain from 2013 to 2014 Partner - Fusion Systems from Nov 2005 to Dec 2013 Head of Trade Book Futures Development- Bloomberg from 2001 to 2005   EntrepreneurInvestorChief Executive Officer (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.

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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.