Binance criticized for listing Pi Network despite 85% of voters supporting it

Binance, the world's largest cryptocurrency exchange, has faced fierce backlash after reopening the community-voted token listing and considering the addition of Pi Network (PI).

This decision has met with significant opposition, with critics questioning the platform's priorities and highlighting the potential risks involved.

Listing of Pi Network on Binance raises concerns

BeInCrypto reported that on 17/02/2025, the exchange launched a Binance community vote for Pi Network. This opinion poll allows users to express their views on whether Pi should be listed on the trading platform.

The vote for the listing of Pi Network ended on 27/02/2025. Currently, 85% of voters support the listing of Pi, just a day before the mainnet launch. Furthermore, the project has gained significant attention and visibility in the cryptocurrency community.

Despite the support, some users, including Colin Wu, the founder of Wu Blockchain, have not reacted positively to Binance's decision. He expressed concerns about Binance's decision to revive community-driven listing after a seven-year hiatus.

"I initially thought OKX was taking a risk, but Binance is going even further with PI," Wu said.

Wu argued that Binance's focus on attracting traffic and user signups through high-risk tokens undermines its responsibility to maintain security and uphold its industry-leading reputation.

This is not the first time Binance has been criticized for its listing process. Recently, the exchange's former CEO, Changpeng Zhao (CZ), even called this process "a bit broken". According to the latest data from CoinGecko, there are currently 398 coins listed on Binance.

Meanwhile, Wu also warned that the decision to list Pi could pose significant risks to the fragile Chinese-speaking community.

"Binance has become the infrastructure of this industry—it should focus more on security and reputation rather than chasing traffic," he added.

However, Binance has defended its position by emphasizing that it will not consider all votes as valid.

"Votes from users reported in certain countries or regions, including but not limited to Mainland China, will not be considered valid," the post stated.

The statement clarifies that any votes that do not meet the eligibility criteria, originate from ineligible regions, or violate the platform's terms and conditions will be excluded from the final result.

It also emphasizes that the platform only views the voting result as a reference. An internal assessment will determine the final decision on the listing of Pi Network.

In addition to Binance, several centralized exchanges have announced the listing of the Pi coin. However, many industry experts remain skeptical about Pi Network, highlighting the legal and listing risks associated with it.