Despite being in development for six years, Pi Network is facing mixed reactions. Some crypto enthusiasts find this timeframe excessively long for the development phase, regardless of the ecosystem’s potential. Conversely, proponents champion Pi Network’s novel approach to mobile crypto mining and its widespread global adoption as hallmarks of an exceptional crypto product.

Amidst ongoing debates about Pi Network’s legitimacy among crypto investors, Binance has announced a community vote to determine if the Pi token should be listed on their exchange.

Binance, the leading cryptocurrency exchange by trading volume, announced on its Binance Square platform on Monday that eligible users can participate in the vote. Users must be logged into verified accounts and hold a minimum of $5 in assets throughout the voting period.

Each user is allowed one vote, which can be cast between February 17, 2025, at 14:45 UTC and February 27, 2025, at 23:59 UTC. Votes will only be valid if submitted as comments under the official Binance Square announcement.

Binance will provide daily updates on vote tallies. However, they emphasized that the final results will be confirmed only after ineligible and violating votes are removed.

Analysts Speak Out to Support Pi Network’s Credibility

Pi Network has been a target of persistent criticism, primarily due to its extended development timeline and absence from major cryptocurrency exchanges. Critics have drawn parallels to Ponzi schemes and accused the development team of intentionally delaying the launch to maintain user engagement.

Analyst Kim Wong defended Pi Network’s credibility in a February 16 X post, asserting it is the only crypto network enabling “instantaneous cross border bartering and transactions.”

Wong stated that Pi Network has expanded to over 200 countries and amassed over 100 million registered users, with 65 million remaining active. He further noted that 19 million users have completed KYC verification, and approximately 10.5 million already hold Pi in their wallets.

“Pi Network has been distributing wealth to people worldwide, freely accessible to anyone interested. This has positively impacted millions,” Wong continued, “If you still perceive Pi Network as a scam, you are misinformed and need to reconsider your stance!”

Another analyst on X, nanashi_life, challenged common criticisms directed at Pi Network. He addressed concerns about its legitimacy by arguing that its social mining model is often misunderstood. He explained that unlike traditional mining, Pi’s model rewarded early adopters with higher earning rates that decreased over time.

The trading expert also defended the project’s lengthy KYC procedure, stating it was necessary to “eliminate bots and ensure genuine human participation.”

Finally, nanashi_life contended that the lack of official exchange listings was a strategic choice, not a negative sign.

“Instead of rushing to exchanges, Pi prioritized building its own internal economy – a strategy that wasn’t initially understood by many.”

Despite these defenses, skepticism persists. Several market commentators on social media have openly labeled the upcoming token as a potential “scam.”

Prominent crypto trading expert Asif.eth suggested that the Pi core team’s announcement of the mainnet launch, Open Network, on February 20, was prompted by a perceived lack of regulatory consequences for crypto industry misconduct.

“With even the US President launching memecoins, why shouldn’t we? PI Network is and will remain a scam. I anticipate many will argue ‘it’s getting listed, bro.’ Binance is even listing the most worthless cryptocurrencies rapidly,” he pointed out.

Asif further claimed that the team is exploiting user data for profit, citing the advertisements within the app as evidence of revenue generation at users’ expense. He advised recipients of Pi tokens via airdrops to “sell them immediately.”

Pi Network Secures More Exchange Listings Amid Ongoing Debate

While the debate surrounding Pi Network’s legitimacy continues, the token has been listed on several exchanges, including OKX, Bitget, MEXC, HTX, and most recently, Gate.io. Gate.io’s announcement of Pi trading support further expands the list of platforms backing the digital asset.

Some exchanges are actively promoting Pi Network through user engagement campaigns. Bitget launched a 150,000 Pi airdrop to incentivize Pi deposits, and Gate.io introduced a launchpool event allowing users to stake Pi tokens to earn GT airdrops.

However, it is important to note that none of the exchanges currently listing Pi accept users from the United States, restricting options for US-based traders.

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