The Binance team planned to support the listing of $PI tokens by considering the crypto investors’ demand.
Summary
- Binance crypto exchange invited people to vote for listing $PI token.
- Vote percentage in favour of listing doesn’t guarantee the listing of the token on the exchange.
- Binance users will be required to have a minimum $5 balance in their Binance account to vote.
- Bybit, OKX decided to launch this token, but Biget refused to support it.
Introduction: $PI network is an infamous crypto project that has been partially active for the last 5 to 6 years. Because of the Multilevel marketing (MLM) concept-based referral system, the Pi token mining app grabbed huge popularity, especially in China. The majority of the Chinese media labelled the Pi token a Ponzi scheme.
On 17 Feb 2024, the World’s top crypto exchange, Binance exchange, invited the Binance community to vote for their support for listing the $PI token on the Binance platform.
All the Binance users who have $5 or an equivalent amount of digital assets in their account will be eligible to vote, and they will also be allowed to vote once & maintain the same amount balance throughout the voting period from 2025-02-17 14:45 (UTC) to 2025-02-27 23:59 (UTC).
This community vote is only focused on getting Binance’s users’ vote around the PI token, but here, the Binance exchange clearly mentioned that voting doesn’t mean that the Pi token listing on the Binance platform is confirmed.
OKX’s Unique Pi Token Listing Strategy
By considering the past controversy around the Pi token, OKX Crypto exchange decided to add listing support for this token under an isolated environment. That means crypto investors will not be allowed to deposit Pi tokens on the exchange.
Also in some jurisdictions, especially in China, trading of this token will be prohibited.
It is worth noting that the Bybit crypto exchange CEO openly decided not to support the listing of this token on the Bybit platform, citing the suspicious nature of this crypto project.
Pi Token’s Use Case? Really Worth It?
The main vision of the Pi network is to enable people to transfer money in a fully peer-to-peer environment without any involvement of a third party. Also, enable the pi token mining app users to buy and sell goods within Pi-integrated applications.
It is a bitter truth that the Pi token’s vision is now very old for this era of the crypto phase, and currently, people have lots of options to transfer their funds under a fully decentralized medium & also have multiple options to trade their crypto assets without relying on a centralized platform.
So here we can say that the pi token will remain in trend for a few months & after that, it will lose its popularity because of lack of utility.
Read also: Now Elon Musk’s DOGE Agency Targets SEC Agency: Crypto Industry Splits
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