Bybit CEO Refuses to List Controversial Pi Token After OKX Announcement

Pi Network’s long-awaited mainnet is finally set to launch on February 20, 2025, at 8:00 UTC, marking a major milestone for the project. This transition, known as the “Open Network period of Mainnet,” will allow Pi to connect with other blockchains, giving users the ability to make transactions beyond Pi’s ecosystem for the first time.

Excitement around the launch has already sent Pi Network’s token price soaring to $100, but not everyone is convinced. While some see this as a breakthrough moment, others are raising concerns about its legitimacy.

With the mainnet launch just days away, here’s a closer look at the latest developments.

ByBit CEO Denies Interest

Despite excitement over the mainnet launch, the listing of the PI token has stirred controversy. OKX recently announced plans to list the token, even as concerns about its links to a pyramid scheme in China persist. In contrast, Bybit CEO Ben Zhou has openly rejected listing it, while Bitget quietly removed previous announcements about its launch.

He shared that he was recently invited to join Pi Network but turned it down, calling the idea ridiculous. Zhou also recalled his experience in forex trading, where he often dealt with people asking for refunds or returns.

Getting into crypto was exactly to avoid that kind of mess… So, no thanks.

Users Note Trading Risks

Users have also 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.

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KYC Delays – Will Users Be Kept Out?

While Pi Network developers say the platform aims to be a safe Web3 space, it is facing major delays in its KYC verification process.

Although the Open Mainnet launch is scheduled for February 20, many users, especially in China, have struggled to complete their Know Your Customer (KYC) verification due to limited slots and system issues. Even if they start now, they may not be approved in time for the launch.

For users who have spent years mining Pi tokens, these delays could prevent them from accessing their holdings before the mainnet goes live. The final KYC deadline is currently set for February 28.