- Binance, the world’s largest cryptocurrency exchange, faced a wave of one-star reviews from Pi Network supporters after refusing to commit to listing Pi coins despite a survey showing overwhelming interest.
- While Pi enthusiasts saw this as a betrayal, Binance cited strict listing criteria, including project quality and decentralization concerns, leading analysts to warn that the backlash could ultimately harm Pi Network’s credibility.
Binance, the world’s largest cryptocurrency exchange, has come under fire from Pi Network supporters, leading to a surge of one-star reviews on Google Play and the Apple App Store. The protest stems from Binance’s refusal to list Pi coins despite a survey showing overwhelming support for the listing.
Pi Network Supporters Take Action
The controversy erupted after Binance conducted a poll on its Binance Square Official account between February 17 and 27 to gauge community interest in listing Pi. More than 85% of respondents supported the move. However, Binance clarified that the survey results were “for reference only” and did not guarantee a listing. On March 1, Binance reiterated that its listing process follows strict due diligence, considering factors such as project quality, team credibility, technological innovation, market demand, use case applications, security, and compliance.
Frustrated by Binance’s stance, Pi Network supporters mobilized on social media, urging users to rate Binance one star in protest. A Facebook post within a group of over 135,000 members fueled the movement, accusing Binance of “disrespecting the Pi Network project.” As a result, Binance’s Google Play rating fell from 4.9/5 to 3.8/5, while its App Store rating dropped from 4.8/5 to 4.2/5.
The Reasons Behind the Frustration
Many Pi Network supporters felt misled by Binance. Some users had already registered accounts, completed identity verification, and deposited money, expecting the exchange to list Pi based on the survey outcome. Hoang Anh, a Pi Network Facebook group administrator, noted that these users felt “deceived” and saw the one-star rating campaign as their only way to voice discontent.
Furthermore, investors speculate that the backlash may be driven by those who have acquired Pi from smaller exchanges or individual traders. According to cryptocurrency investor The Thanh, listing on a major exchange like Binance often leads to price surges, making Pi holders eager for Binance to approve the token.
Why Binance Hasn’t Listed Pi
Despite the enthusiasm surrounding Pi Network, Binance has valid reasons for its cautious approach. Analysts highlight several red flags about the project. Blockchain expert Anh Bang pointed out that even after six years, Pi Network has not released a smart contract or open-source code, crucial components of a legitimate cryptocurrency. Additionally, the network’s centralization remains a concern, as all mainnet nodes are controlled by the Pi core team rather than being decentralized like other cryptocurrencies.
Another issue is that Pi Network operates on an outdated version (19.1) of the Stellar Core platform, which supports smart contracts in its newer versions. Blockchain expert Nguyen Viet Dinh suggests Pi Network may eventually upgrade, but its delay in doing so has raised skepticism within the crypto community.
Potential Consequences for Pi Network
While Pi Network supporters aimed to pressure Binance, the backlash may have unintended consequences. Some analysts believe that the aggressive review campaign could deter other exchanges from listing Pi in the future, fearing similar community reactions if expectations are not met. Hoang Anh warns that this protest could ultimately do more harm than good to Pi Network, making it harder for the project to gain legitimacy in the broader cryptocurrency market.
Binance, founded in 2017, has maintained its position as the world’s largest crypto exchange, with a daily trading volume of nearly $22 billion and over 13.6 million weekly visits. On the other hand, Pi Network, launched in 2019, only recently allowed users to transfer their mined Pi for trading as of February 20. Despite its massive following, Pi Network still has significant hurdles to overcome before gaining mainstream acceptance.
Whether Binance will eventually list Pi remains uncertain, but one thing is clear: the Pi Network community is determined to make its voice heard—though the strategy they’ve chosen may have mixed results.
About the Author
