Binance Faces Criticism Over Pi Network Listing Vote: Risks & Reactions

Recently, binance faced criticism after reopening its token listing for community voting and considering adding Pi Network (PI). Critics are questioning Binance Binance – [email protected] Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment priorities and the potential risks involved. 

Recently, Binance kicked off a community vote to decide whether Pi Network should be listed on the exchange. This marketing-driven poll gives users a chance to share their thoughts on the listing. Voting closes on February 27. With 85% of voters in favor, just a day before its mainnet launch, the project is gaining impressive momentum and attention in the crypto community.

Despite strong support, some, like Colin Wu, founder of Wu Blockchain, have criticized Binance’s decision. He raised concerns about the platform reviving community-driven listings after a seven-year break. “I originally thought OKX was already playing it risky, but Binance took it even further with PI,” he said.

Binance’s Reputation At Stake?

Wu argued that Binance’s focus on attracting traffic and new users with high-risk tokens could compromise its reputation and responsibility to maintain security. This isn’t the first time Binance has faced criticism over its listing process. Former CEO changpeng zhao changpeng zhao Changpeng Zhao is the Founder and Chief Executive Officer at Binance. His contribution to the enhancement of Binance made the platform the world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance. The US.
Details: Organization: Binance
Location: United Arab Emirates
Skills: Trading System and Electronic Trading Experience: CEO at Binance from Jul 2017 to Nov 2023 ·
Founder at BijieTech from Sep 2015 to Jul 2017 
Head of Development at Blockchain.com from 2013 – 2014 ·
Partner at Fusion Systems Group  from Nov 2005 to Dec 2013 
Head of Tradebook Futures Development at Bloomberg from 2001 – 2005  FAQ
1. What is the net worth of Changpeng Zhao? 
Changpeng’s net worth is $6,260 crores.
2. What are the latest investments of  Changpeng Zhao?
Changpeng Zhao investing in the blockchain sector as well as artificial intelligence and biotechnology
  EntrepreneurInvestorChief Executive Officer (CZ) recently called the process “a bit broken.” Wu also warned that listing Pi could pose serious risks to the vulnerable Chinese-speaking community.

Binance, however, defended its stance by clarifying that not all votes would be considered valid, indicating they would carefully evaluate the voting process before making any decisions.

“Votes from users reported in certain countries or regions, including but not limited to mainland China, will not be counted as valid,” the post read.

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Experts Remain Skeptical

Notably, votes from ineligible regions, users who don’t meet the criteria, or those violating Binance’s terms will be excluded from the final count. It also emphasized that while voting results are considered, an internal evaluation will decide whether Pi Network gets listed. While several other centralized exchanges have also announced Pi coin listings, many industry experts remain skeptical, citing legal and listing risks.