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Unlike Bitcoin, which requires high-powered mining rigs, Pi Network allows users to earn tokens by pressing a daily button.
Initially, the project saw massive adoption, boasting over 60 million active users. However, Pi Network faced criticism for not allowing withdrawals and keeping its ecosystem enclosed for years while pushing a strict KYC (Know Your Customer) verification process.
One of the biggest controversies surrounding Pi Network is its KYC policy, which requires users to submit government-issued identification and facial verification. Unlike regulated exchanges that use licensed third-party KYC providers, Pi Network has no clear regulatory oversight governing its data collection process.
This raises serious concerns about data privacy and potential misuse of sensitive user information. There is no transparency about where KYC data is stored, who controls it, or how it complies with global privacy laws such as GDPR (Europe) or CCPA (California, USA).
Bybit CEO Ben Zhou openly criticized Pi Network, stating that Bybit will not list PI due to regulatory concerns and past warnings from Chinese authorities about fraudulent schemes targeting vulnerable users.
Zhou’s comments came after Pi Network finally launched its Open Mainnet on Feb. 18, allowing some users to transfer tokens outside its ecosystem.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
Pi Network responded to Zhou’s accusations, denying any connection to scams and emphasizing its commitment to compliance. However, the company behind Pi, SocialChain Inc., remains unregistered with financial regulators, raising questions about its legitimacy.
Pi Network Eyes Binance Listing
Despite ongoing skepticism, Pi Network is reportedly seeking a listing on Binance, which could boost its credibility and liquidity.
Binance has not officially commented on the matter, but insiders suggest ongoing discussions about PI’s potential integration into the exchange’s spot trading market.
A Binance listing could further fuel PI’s ongoing price rally, attracting more traders and potentially pushing the coin’s price toward its next resistance level of $3.
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