Amid the wave of listing of PI tokens, the Bybit crypto exchange openly announced its decision to block access to the Bybit exchange for this token because of its past controversy.
$PI Token Introduction
The pi network ($PI token) is a cryptocurrency project that was launched in 2019 by a team of two Stanford graduates. The basic concept of this crypto project team was to create a decentralized digital currency that can be mined by using smartphones without spending a high amount of energy, unlike Bitcoin (BTC). The project team also launched a dedicated app for this token, to allow the PI token enthusiasts to earn a Pi token in micro amount per day. Since its origin, this crypto project has grabbed a massive global following, but its mainnet launch has been delayed multiple times, which attracted not only criticism from serious crypto enthusiasts but also from the pi token miners. As of now, the official Pi token is not officially listed on any crypto exchange.
In the last 24 hours, two major crypto exchanges, namely OKX & Bitget, announced their decision to list PI tokens.
Bitget to Launch Pi Token
Bitget announced that the official PI token will be listed by the exchange for trading in the spot market, but the trading of this token will be available from 20 Feb 2025.
Reportedly, the Bitget exchange removed some relevant information regarding the Pi token’s initial listing announcement.
OKX to Launch Pi Token
On the same day, the OKX crypto exchange also announced that it would support this token to allow OKX users to trade PI tokens in the crypto spot market.
Also, this exchange confirmed that the trading of this token will be available on 20 Feb exactly at 08:00 AM UTC.
Notably, OKX is allowing customers to deposit PI tokens on the exchange. A Crypto X user shared a step-by-step guide to depositing this token.
A Pi token user can deposit as minimum as 0.00000001 Pi. So the Bitcoinik.com team would like to suggest people first try to deposit in a micro amount, then go for a full deposit to avoid any potential risk or loss.
Many Crypto X users are speculating that a very minimum deposit amount is a very big proof that the launching trade price of this token will be high enough.
Bybit CEO Opposes the Listing Plan
ByBit CEO Ben Zhou informed via his X account that many people asked him to join the PI token listing wave. He indirectly said that he is openly against this Cryptocurrency.
Hype & Controversy Around the Pi Token
Two years ago, some crypto exchanges forcibly launched an unofficial version of the pi token without any consent of the core PI network team.
Following that development, the PI token also awakened & announced a plan to launch the mainnet as well as the transfer of Pi tokens on the crypto exchanges.
Despite that announcement, the Pi network team restricted the PI mobile app users with a strict KYC verification system.
Pi Network users who spent years mining tokens have been facing delays in completing the KYC verification, potentially preventing access to their holdings before the mainnet launch on February 20. The latest KYC deadline is set for February 28.
The Pi Network has faced significant scrutiny and allegations from time to time for operating the PI mining app as a pyramid scheme, particularly within China. Many people raised several negative points against the Pi network token mining app over its referral-based growth model, where users earn rewards by inviting others to join the network, drawing parallels to multi-level marketing (MLM) structures.
Delayed development & unnecessary referral referral system resulted in a very bad reputation for this crypto project in China. Many Chinese media outlets labelled the Pi Network as a “pyramid scheme.”
Currently, crypto trading is fully prohibited in the jurisdiction of mainland China, but surely people will now talk about this token in Chinese administrative regions where crypto trading is legal, as the core team heading toward listing this token.
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