With the launch of the Mainnet on February 20, Pi Network has once again become the center of debate. While many question the legal issues and call it a scam, Analyst Kim Wong has firmly refuted these allegations and strongly supports the project, emphasizing the widespread global acceptance, decentralized blockchain, and compliance with Know Your Customer (KYC) regulations. He argues that Pi Network is revolutionizing financial inclusion by making cryptocurrency accessible to the masses.
Even as Pi Network is to launch its open mainnet in 4 days ( February 20,2025), there are still a lot of skeptics. Most people still do not know the power of Pi Network, I am repeating it here again:
Pi Network is the only crypto network that has successfully allowed people of… pic.twitter.com/0FfWxOk3un— Kim H Wong (@Time_and_Trade) February 16, 2025
According to Wong, the project has over 100 million registered users, with 65 million active users. Nearly 19 million users have completed KYC, and around 10.5 million users are holding Pi Coin in their wallets. He also emphasizes that Pi's blockchain is fast, scalable, and ready for Web3, making it a strong contender in the cryptocurrency space.
Pioneers, Open Network will launch at 8am UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world… pic.twitter.com/AdpXNhpcUD
— Pi Network (@PiCoreTeam) February 11, 2025
Increasing Controversy...
Despite its rapid growth, Pi Network has faced criticism. Many are skeptical about the referral-based mining model, comparing it to a Ponzi scheme. A cryptocurrency analyst warned users that no one has made real money from Pi except the team, who are exploiting user data and in-app advertising. His advice? Sell any Pi airdropped and use the money to buy food.
Some in the cryptocurrency community argue that the KYC requirement goes against the core idea of blockchain. However, Kim H. Wong defends it, stating that transactions remain decentralized, and only illegal activities are traceable. He adds that for cryptocurrency to be widely accepted, it must comply with government regulations, especially in the Web3 era.
Additionally, concerns remain about the 2021 allegations that the project was involved in a large data breach affecting thousands of Vietnamese users. Although the Pi team has denied these claims, the reliability of the project is still in question. Some social media users even warn against investing, calling Pi Network a potential scam.
Listing on Exchanges Increases Pi's Popularity
Despite close scrutiny, Pi Network has gained widespread attention. The Token has been listed on major exchanges like OKX, Bitget, and MEXC. Gate.io recently joined the list and introduced staking opportunities for Pi users. Bitget is also celebrating Pi's success with a 150K Pi airdrop program. However, none of these platforms currently allow customers in the United States to trade Pi.
Will Binance Be the Game-Changer?
The biggest speculation currently revolves around Binance, the world's largest cryptocurrency exchange. A Binance listing could legitimize Pi Network, leading to significant liquidity and attracting both institutional and individual investors. If listed, the price of Pi could see a strong increase from $150-$200 and reach $500 by 2030, further fueling market excitement.
Currently, Pi Network remains a hot topic, with both ardent supporters and fierce critics. The launch of the Mainnet will determine whether it can truly deliver on its promises or if the doubts will prevail.
