Bybit CEO Rejects Pi Network Listing Amid Exchange Controversy

Bybit CEO Ben Zhou rejected listing Pi Network, citing investor backlash concerns, while OKX proceeded with the listing. Pi Network’s Open Network phase is set to launch on February 20, 2025, enabling external blockchain connectivity. Despite exchange skepticism, Pi supporters remain optimistic about its decentralized ecosystem.

CONTENTS:

• Bybit CEO Rejects Pi Network Listing, Fueling Exchange Debate
• Pi Network’s Open Network to Launch on February 20, 2025

Bybit CEO Rejects Pi Network Listing Amid Exchange Controversy

Bybit CEO Rejects Pi Network Listing, Fueling Exchange Debate

Key Points:

• Bybit CEO Ben Zhou has refused to list Pi Network, citing potential controversy and past investor backlash.
• Zhou compared Pi listing requests to his experience in forex trading, where investors harassed him over losses.
• Crypto journalist Colin Wu reported that Bybit’s rejection followed OKX’s decision to list Pi, while Bitget quietly removed related content.

Bybit’s Stance on Pi Network

Pi Network is once again under scrutiny as major crypto exchanges hesitate to list it. Bybit CEO Ben Zhou firmly rejected requests to add Pi, recalling his past experiences with investor disputes in the forex market.

Zhou shared his thoughts on X (formerly Twitter), stating:

“I received multiple requests to list Pi today. I said, ‘Don’t mess with me.’ Back in my forex days, elderly investors would wave banners demanding refunds. I don’t want that kind of drama in crypto. I’ll stay away, thanks.”

OKX Lists Pi Despite Controversy

While Bybit distances itself, OKX has moved forward with listing Pi, sparking debate over the project’s legitimacy. Pi Network has long faced accusations of operating like a pyramid scheme, particularly in China, where authorities previously investigated it.

Supporters promote Pi as a revolutionary mobile mining platform, but critics argue its structure resembles multi-level marketing rather than a genuine blockchain network. This skepticism has led to hesitation among exchanges, with Bitget reportedly removing promotional materials related to Pi after initially showing support.

Community Reactions

Crypto traders on X reacted to Bybit’s decision, with many agreeing that exchanges avoiding Pi is a warning sign.

One user noted: “When controversy arises, exchanges step back.”

Another added: “Hesitation from exchanges is a red flag. If there’s smoke, there’s fire—always investigate before jumping in.”

Despite skepticism, Pi Network supporters maintain that delays in trading and withdrawals are due to its unique launch strategy. According to its website, Pi’s full mainnet launch is scheduled for February 20 at 8:00 UTC. However, users have reported difficulties verifying their accounts, prompting calls for the project to reopen its verification process.

Pi Network’s Open Network to Launch on February 20, 2025

The Next Phase Begins

Pi Network will officially transition to its Open Network phase on February 20, 2025, at 8:00 AM UTC. This milestone marks a significant step forward in Pi’s mission to build a decentralized, peer-to-peer ecosystem fueled by its native cryptocurrency, Pi.

Thanks to the dedication of the Pi community over the past six years, the project has surpassed its 10 million Mainnet migration goal, reaching 10.14 million completed migrations. With over 19 million identity-verified Pioneers, Pi is now positioned to launch an open and utility-driven ecosystem, enabling real-world use cases.

On launch day, further details about the Open Network will be provided. Until then, let’s review Pi’s journey, expectations for the Open Network phase, and how Pioneers can prepare.

Pi’s Journey to Open Network

Pi Network has gone through deliberate development phases, shaped by its community and ecosystem.

The Mainnet Phase 3 began in December 2021, introducing the Enclosed Network phase, where Pi operated with restricted external access. This phase allowed time for:

• Pioneers to complete KYC verification and migrate to Mainnet.
• Developers to build real applications for the Pi ecosystem.
• The Core Team to refine Pi’s blockchain features and functionalities.

A new mining rewards model was also introduced in March 2022, ensuring a sustainable balance between growth, accessibility, and scarcity.

To accelerate progress, a Grace Period was enacted on July 1, 2024, encouraging Pioneers to complete KYC and migrate before Open Network launch. This strategy ensured that only verified users could bring Pi to Mainnet, while unverified Pi remained inaccessible.

Meanwhile, Pi’s real-world usability has been demonstrated through initiatives like PiFest 2024, which facilitated peer-to-peer transactions across 160 countries, with over 950,000 active participants, 27,000 sellers, and 28,000 test merchants.

What to Expect with Open Network

The transition to Open Network introduces external connectivity, allowing Pi to interact with other blockchain networks and systems, significantly expanding its usability.

1. External Connectivity

Once the firewall restrictions are lifted, Pi will be able to:

• Support transactions outside the Pi ecosystem.
• Enable businesses and individuals to integrate Pi into their operations.
• Allow new participants to run Mainnet nodes, prioritizing Pioneers with strong historical contributions.

2. Compliance and Verification

To ensure security and compliance, participation in Pi’s blockchain activities will require:

• KYC verification for Pioneers.
• KYB (Know Your Business) verification for enterprises wishing to accept Pi.

A list of KYB-verified businesses will be available on the Pi Network website after the launch.

Open Network Readiness and Conditions Met

Pi Network has successfully met the three conditions outlined in December 2023 for launching Open Network:

1. Technical, business, and legal readiness—All necessary preparations are complete.
2. Community and ecosystem progress—
   • Over 19 million Pioneers have completed KYC.
   • 10.14 million have migrated to Mainnet, surpassing the 10 million target.
   • More than 100 Mainnet-ready apps are live, meeting the required threshold for ecosystem growth.
3. No further external delays—There are no remaining obstacles preventing Open Network’s launch.

Pioneers who haven’t completed KYC and Mainnet migration should do so as soon as possible, even after Open Network launches.

How Pioneers and Developers Can Contribute

To ensure Pi Network’s long-term success, active participation from the community is essential.

For Pioneers:

✅ Continue Mining—Pi’s mining rewards will adjust based on the existing issuance model.
✅ Engage with Pi Apps—Support the network’s ecosystem by using Pi applications.
✅ Utilize Pi for Transactions—Encourage local commerce by accepting Pi as a payment method.
✅ Complete KYC & Migration—If you haven’t yet, verify your identity and migrate to Mainnet.

For Developers:

🔹 Refine Existing Apps—Enhance user experience and address any issues that arise post-Mainnet.
🔹 Develop New Apps—Contribute to the ecosystem by building new applications for Pi users.

As Pi Network enters this new phase, collaboration between Pioneers, developers, and businesses will be key to sustaining a decentralized, innovative, and thriving ecosystem.