Ray Youssef, CEO of NoOnes and former co-founder of Paxful, believes that being listed on Binance is no longer a sign of credibility—but rather a burden.
In the latest podcast with BeInCrypto, Youssef argues that Binance has transformed from a growth engine for crypto projects into a "mining machine" since Changpeng Zhao (CZ) left.
He did not hesitate to express his view.
"Listing on Binance used to mean something. Now, it's the kiss of death," Youssef said.
Has the Binance listing lost its legitimacy?
Youssef argues that Binance has significantly changed its direction after US authorities pressured CZ to step down in 2023. He believes that since then, the exchange has acted against user interests and selectively lists projects based on what they can exploit.
"After the US took over Binance, everything changed," he said. "They disabled P2P trading across Africa. Egyptians can't trade with Nigerians. That was the first move."
He accuses the new leadership of prioritizing control and profits over community and innovation. Youssef also suggests that Pi Network may have refused Binance's request for a large token allocation or high listing fees—leading to the current impasse.
"They didn't want to give Binance 50% of their token supply," Youssef said. "So, Binance won't list them. Simple as that."
He describes this listing model as exploitative.
"They list scam tokens, rug pull, and dump on the community," he declared. "They're not building anything. They're just draining what's left."
Youssef also compared it to Pump.Fun, describing both as profit extraction plans.
"Binance today is Pump.Fun with a user interface. Just sniping, dumping, and value extraction."
Why listing on Binance might not help Pi Network
While Pi Network users continue to push for Binance listing, Youssef suggests it might be a disguised blessing that it hasn't happened yet.
"If Pi gets listed, their token could drop 10 times," he said. "Binance would dump it like they do with everything else."
Binance once played a crucial role in popularizing ICOs and creating opportunities for small projects. But Youssef says that era is over.
He suggests that today's exchange-controlled token launches are mainly about capturing supply rather than nurturing innovation.
"If you don't surrender a large number of tokens or pay high fees, they don't want you."
This perspective challenges a long-held belief in the crypto space—that Binance listing is the ultimate milestone before widespread acceptance.
"People used to think Binance listing meant credibility. Now, it often means a short pump and a long dump. There are better ways to approach your community than surrendering half your supply to intermediary managers."
Is Pi Network a pyramid scheme?
Pi Network has long faced criticism about its invite-only mining model that rewards user attraction. Skeptics call it a pyramid scheme. Supporters argue it's a new way to build a user base.
Ray Youssef doesn't directly endorse the project but emphasizes a reason it might be misunderstood.
"People use the term 'pyramid model' too loosely. The pyramid mechanism itself isn't the problem—Avon built a global business using them. The real question is whether actual work is being done or you're just paying old users with new users' money? If no real value is created, it becomes cannibalistic. But if real work exists, even human effort, it's legitimate. That's the difference between a scam and a smart model."
He didn't comment on the project's technical values. But his phrasing suggests Pi's refusal to list under Binance's conditions might reflect a degree of integrity—or at least independence.
Why Pi Coin keeps dropping
Despite significant upgrades and ecosystem deployment, Pi Coin continues to lose value. The token is currently trading near its All-Time-Low—around 0.44 USD—despite major developments like launching Pi App Studio and partnering with new merchants.
According to Ray Youssef, the problem lies in who is delivering the message.
"In blockchain, developers are your safety net," he said. "They're like token price guarantors."
He explains that small investors can drive widespread acceptance, but developers are crucial in protecting price through ecosystem support and technical advocacy.
"Pi has succeeded on the small investor side—millions of token miners. But developers? That team is thin," he said.
Youssef compares this to Ethereum's early success. He notes how Vitalik Buterin actively attracted developers, creating a technical community that validates upgrades and drives long-term trust.
"People from Ghana, Nigeria, Argentina use the app—they don't know what zk-SNARK is," he said. "They can't communicate that value. Developers can."
He believes that the anonymous leadership of Pi Network and lack of technical openness may have discouraged developer participation. Without that foundation, even important upgrades cannot create price momentum.
"The structure might not be attractive to developers. The team hiding in the shadows might make them hesitate," he added.
Result: a project with millions of users, but without technical evangelists to amplify its progress. This disconnection could explain why price action goes against ecosystem development.
Final Thoughts
Ray Youssef's comments reflect a broader perception in the cryptocurrency field: centralization in exchange listings, regulatory control, and power concentration have created systemic risks.
In his view, Pi Network may have avoided a trap by not participating in Binance—despite pressure from the community.
"Projects listed on Binance think it's their big moment. Instead, they get dumped by whales. They might be better off," he concluded.
As discussions continue about Pi's future and token utility, one thing is clear: legitimacy in cryptocurrency no longer flows through channels as before.
