Binance's Controversial Pi Network Vote: 85% Favor Listing Before Mainnet Launch

Binance, the world's largest cryptocurrency exchange, has found itself in the midst of a controversy over its decision to reopen a community vote for token listings and consider adding Pi Network (PI) to its platform. The move has sparked criticism from industry experts and users alike, who question Binance's priorities and the potential risks involved in listing the project.

Binance kicked off the community vote on February 18, giving users the opportunity to share their thoughts on the potential listing of Pi Network. The vote, which closes on February 27, has seen an overwhelming 85% of voters in favor of the listing, just a day before Pi Network's mainnet launch. This has generated significant momentum and attention within the crypto community.

However, not everyone is thrilled with Binance's decision. Colin Wu, founder of Wu Blockchain, has criticized the exchange for reviving community-driven listings after a seven-year hiatus. He expressed concern that Binance's focus on attracting traffic and new users with high-risk tokens could compromise its reputation and security. This is not the first time Binance has faced criticism over its listing process, with former CEO Changpeng Zhao (CZ) previously admitting that the process was "a bit broken."

Wu also warned that listing Pi could pose serious risks to the vulnerable Chinese-speaking community. In response to these concerns, Binance clarified that not all votes would be considered valid, indicating that they would carefully evaluate the voting process before making any decisions. The exchange stated that votes from users in certain countries or regions, including but not limited to mainland China, would not be counted as valid.

Despite Binance's clarification, many industry experts remain skeptical about the potential listing of Pi Network. While several other centralized exchanges have announced their intention to list the Pi coin, concerns persist regarding the legal and listing risks associated with the project.