Key Notes

Key Notes:

Bybit CEO Ben Zhou has rejected requests to list Pi Network, citing concerns over potential controversy and past experiences with investor backlash.Zhou compared the Pi listing requests to his past in forex trading, where angry investors used to harass him over losses, saying he wants no part in such drama.Crypto reporter Colin Wu revealed that Bybit refused to list Pi shortly after OKX announced trading support, while Bitget also quietly removed related content.

The mystery and controversy surrounding Pi Network have once again taken center stage, this time with Bybit CEO Ben Zhou flatly rejecting any involvement with the token. His remarks follow OKX’s decision to list Pi, the native token of the project, stirring debates over whether major exchanges are silently distancing themselves from a potential red flag.

On Wednesday, Zhou took to X (formerly Twitter) to reveal that he had received multiple requests to list Pi Network on Bybit. But rather than entertaining the idea, he shut it down with a brutally honest response, recalling his past experiences in the forex market, where angry investors used to harass him over losses.

“A bunch of people asked me today if I wanted to list Pi. I said, ‘Don’t mess with me.’ Back when I traded forex, I had elderly investors waving banners demanding their money back. I don’t want that drama in crypto. I’ll keep my distance. Thanks,” reads the translated version of the tweet.

OKX Moves Forward With Pi Listing Despite Controversy

Zhou’s blunt rejection of Pi was not just about avoiding trouble, it hinted at a much deeper skepticism about the project itself.

Pi Network has long been a controversial name in crypto, particularly in China, where it was previously investigated for allegedly operating like a pyramid scheme.

While its community touts it as a revolutionary decentralized mobile mining project, critics argue that its recruitment-driven model resembles a multi-level marketing scheme rather than a legitimate blockchain network.

As a result of these controversies, exchanges are distancing themselves with the project. Earlier today, Chinese crypto reporter Colin Wu posted on X that Bybit’s refusal to list Pi came right after OKX confirmed it would add trading for the token.

While OKX is moving forward, other platforms seem far less eager to associate with Pi Network. According to Colin Wu, Bitget also removed some of its promotional content related to Pi after previously announcing support.

In response to Colin Wu’s tweet about Bybit’s refusal to list the token, members of the crypto Twitter community (CT) see it as a wise move due to controversies surrounding the project.

One user commented: “When controversy hits, exchanges pull back.”

Another chimed in: “When exchanges hesitate, it’s a red flag. Controversy isn’t just smoke—there’s usually fire. Vet thoroughly before diving in.”

Pi Network’s supporters, however, argue that the skepticism is unwarranted. They claim that major exchanges are simply taking a cautious approach due to Pi’s unconventional launch strategy, which has kept withdrawals and external trading locked until its full mainnet launch this month. According to the project’s website, Pi will go live on February 20 at exactly 8:00 UTC.

Despite the scheduled launch, many traders are still struggling to verify their accounts. One user took to X, pleading with the project to verify his account or reopen the system to allow resubmission for verification.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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