Analysts defend Pi network’s credibility – Binance calls for a PI community vote

Pi Network is a project six years in the making; some members of the crypto community believe the period is painfully long for a development phase, no matter how good the token’s ecosystem will be. However, supporters argue that its innovative approach to mobile mining and global adoption makes it one of crypto’s best products yet. 

Following the back and forth that crypto investors are having over the token’s legitimacy, Binance has announced a community vote to determine whether Pi should be listed on the exchange.

On Monday, the largest crypto exchange by trading volume announced on Binance Square that users who would like to participate must be logged into their verified accounts holding at least $5 throughout the voting period. 

Each user can cast a single vote between February 17, 2025, at 14:45 UTC and February 27, 2025, at 23:59 UTC. Votes will be counted only if posted under the official Binance Square announcement. 

Daily updates on voting results will be provided, but Binance insists the final results will only be confirmed after removing non-eligible votes and those that violate the platform’s conditions.

Analysts defend Pi Network’s credibility

Pi Network has long been heavily criticized because of its “long development process” and lack of exchange listings. Some skeptics compare it to past Ponzi schemes, while others accuse the team of stalling its launch to maintain engagement.

Analyst Kim Wong, in a February 16 post on X, defended Pi’s credibility, saying it’s the only crypto network to “allow instantaneous cross border bartering and transactions.”

According to Wong, Pi has been distributed in over 200 countries, boasting over 100 million registered users, of which 65 million remain active. He went on to explain that 19 million users have completed KYC verification, with approximately 10.5 million already holding Pi in their wallets.

“Pi Network has been distributing wealth to all the people in the world, whoever wants it, for free. This has benefited millions,” Wong continued, “If you still think Pi Network is a scam, you are really falling behind and need to catch up!”

Another analyst on X, known as nanashi_life, challenged some of the most common accusations naysayers have pinned on Pi Network. He addressed concerns over Pi’s legitimacy, arguing that its social mining model was misunderstood. Unlike traditional mining, Pi allowed early adopters to earn more, with issuance decreasing over time. 

The trading expert also defended the project’s lengthy KYC process, explaining that it was implemented to “filter out bots and ensure real human participation.”

In his last point, nanashi_life argued that the absence of official exchange listings was a deliberate strategy rather than a red flag. 

“Instead of rushing to an exchange, Pi built its own internal economy first—a move few understood at the time.”

Still, not everyone is convinced by these defenses, as a series of market experts on social media have explicitly called the upcoming token a “scam” in the waiting. 

Prominent crypto trading expert Asif.eth insinuated that the Pi core development team announced the project’s mainnet, Open Network, is launching on February 20 because “they realized crime in the crypto industry is legal now.”

“The President of the United States is launching memecoins, why can’t us. PI Network is and will be a scam. I know many will come to me and say ‘it is getting listed, bro.’ Binance is even listing the shittiest of shitcoins in under 24 hours,” he denoted.

Asif further accused the team of exploiting user data for profit, pointing out the advertisements within the app as a sign of revenue generation at the users’ expense. He warned those who received Pi tokens via airdrops to “sell them immediately.”

Pi Network gains more exchange listings despite criticism

While the debate over Pi Network’s credibility continues, the token has also secured multiple exchange listings, including OKX, Bitget, MEXC, and HTX. Most recently, Gate.io announced its support for Pi trading, adding to the growing list of platforms backing the asset. 

Some exchanges have even launched promotional events to drive user engagement. Bitget has initiated a 150,000 Pi airdrop to celebrate Pi deposits, while Gate.io introduced a launchpool event, allowing users to stake their Pi tokens in exchange for GT airdrops.

However, it is worth noting that none of these exchanges currently accept customers from the United States, leaving US-based traders with limited options.