OKX’s Decision to List PI Token Has Reignited Controversy Over Its Legitimacy

OKX’s decision to list PI token for spot trading has reignited controversy over its legitimacy, particularly in China, where it has been criticized for operating like a pyramid scheme.

Cryptocurrency exchange OKX’s decision to list the PI token for spot trading has sparked fresh debate about its validity, especially in China where it has faced criticism for operating like a pyramid scheme.

This is according to a post by the X account of Wu Blockchain, which also said that Ben Zhou, the CEO of Bybit has explicitly refused to list the token.

Wu Blockchain Tweet

“After OKX announced that the PI token, which has caused controversy over pyramid schemes in China, would be listed in spot trading, Bybit CEO explicitly refused to list the token. Bitget also deleted some relevant information after announcing the launch of PI.”

What Did the Bybit say about Pi Network

In a post on X, Bybit CEO Ben Zhou made it clear that his exchange will not be listing PI, responding bluntly to queries about the token. In a statement posted in Chinese, Zhou dismissed the idea, comparing it to past forex-related scams where investors demanded refunds.

Here’s what Zhou said in English (via machine translation):

“Today, a bunch of people asked if I’m listing Pi. I said, ‘Stop f**king around!’ Back when I was in forex, I was constantly harassed by aunties and uncles holding banners demanding their hard-earned money back. Now that I’m in crypto, I really don’t want to deal with that kind of shit. Keeping my distance. Thanks.”

Another software delivered the following translation:

“Today a bunch of people asked if I’m getting into Pi. I said, “Stop f**king around! Back when I did forex trading, I was constantly being harassed by elderly folks holding protest banners demanding their hard-earned money back. The whole reason I switched to crypto was to avoid that bullshit… I’ll keep my distance… thanks.”

Did Bitget Delete PI-Related Content?

Crypto news account Wu Blockchain reported that Bitget deleted promotional materials about PI, sparking speculation that the exchange was reconsidering its stance. However, BitPinas found no evidence of this. The original post announcing Bitget’s support for PI remains online at the time of writing.

Ongoing PI Network Controversy

Throughout its existence, the PI Network has faced skepticism:

OKX Moves Forward With PI Listing

Despite the controversy, OKX proceeded to list PI for spot trading. The exchange will be using a call auction mechanism to set the token’s initial price before opening PI/USDT trading on February 20, 2025. Deposits for PI are now open, while withdrawals will begin on February 21, 2025. (Read more: Quick Take: OKX to List Pi Network (PI) for Spot Trading)

This article is published on BitPinas: Quick Take: Bybit CEO Rejects PI Listing

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