By Nermeen Nabil Khear 
OKX recently expanded its spot trading markets to include the Pi token, but Bybit CEO Ben Zhou ruled out the possibility of listing it on the exchange, citing concerns on Wednesday.
Zhou’s decision follows ongoing allegations that Pi Network operates as a pyramid scheme in China. The debate over Pi Network escalated after OKX announced its decision to list the Pi token the day before Zhou’s statement.
In contrast, Bitget, which had initially shown support for the token, quietly removed related information, further fueling uncertainty about Pi Network’s legitimacy.
Bybit CEO Rejects Pi Network Listing, Citing Skepticism
Zhou took to X to shut down speculation about a potential Pi listing on Bybit.
今天一堆人问我要不要上pi，我说别他妈逗逼了，我以前做外汇成天被大妈大爷拉横幅还我血汗钱，做币圈就是真的不想整这出了。。。敬而远之。。谢谢。
“[A bunch of people asked me today if I wanted to list Pi. I said, stop being ridiculous. Back when I was trading forex, I kept getting confronted by middle-aged men and women demanding their hard-earned money back. I really don’t want to deal with that in the crypto space… Keeping my distance. Thanks.]” (translated from Chinese), he wrote.
Zhou’s remarks indicate deep skepticism toward Pi Network’s business model. The company claims to enable “mobile mining” as a way to make cryptocurrency more accessible.
Critics contend that the platform resembles a multi-level marketing scheme rather than a legitimate blockchain project.
Zhou also shared that he was personally invited to join Pi Network but turned down the offer, calling it “ridiculous.”
His firm stance aligns with Bybit’s cautious approach to listing assets that may pose regulatory or reputational risks.
#NewListing #OKX will list $PI @PiCoreTeam!
$PI/USDT Spot trading will begin at 8:00 AM on February 20 (UTC)
More: https://t.co/HeKW5ergKh pic.twitter.com/pTy46CVZ8e
— OKX (@okx) February 12, 2025
Despite the skepticism, OKX has doubled down on supporting Pi.
The exchange confirmed that deposits for the token opened on February 12 at 2:45 UTC, with spot trading officially launching on February 20 at 8:00 UTC. Pi withdrawals will become available on February 21 at 8:00 UTC.
Pi Network plans to launch its mainnet on February 20, driving speculation and increased trading activity.
The project recently announced that it had verified 10 million users, but doubts persist regarding its true decentralization and token liquidity.
OKX’s Pi Network Listing Sparks Debate Amid Market Shifts
As debate over Pi Network’s listing continued, crypto analyst Haotian, known as CryptoInsight on X, shared his perspective in a detailed X post.
He noted that Pi Network has attracted users in regions with lower financial literacy, leading to widespread misconceptions—particularly due to misleading slogans such as “one PI, one BTC.”
In his view, critics should simply ignore the project if they don’t support it.
Beyond Pi’s listing, Haotian highlighted broader concerns about market liquidity and how exchanges prioritize token listings. In the past, listing teams focused on project fundamentals and utility.
Now, he argues, financial incentives are diminishing, and branding advantages for new tokens are weakening.
He also questioned why AI-driven tokens are being overlooked while Pi receives attention.
Despite Pi Network’s mainnet launch being scheduled for February 20, 2025, some exchanges already offer IOU trading for Pi tokens.
After OKX confirmed its support for Pi, the token’s IOU price jumped nearly 80% within 24 hours, reaching $86.
However, long-time Pi miners remain frustrated with ongoing KYC delays, as the latest verification deadline has now been extended to February 28, 2025.
Bybit’s refusal to list the Pi token cuts to the core of a mounting debate in crypto: how much risk can investors—and exchanges—afford when the promise of easy entry collides with timeworn caution?
With platforms taking sharply different stances, this episode challenges each market participant to sift through hype and assess whether the potential rewards justify stepping into uncharted territory.
The Pi token’s story isn’t just another market moment—it’s a call to reflect on how we weigh opportunity against uncertainty.
The post Bybit CEO Rejects Pi Token Listing Amid Pyramid Scheme Controversy appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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