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Bybit Bans PI Trading Amid Regulatory Scrutiny

Coin WorldWednesday, Feb 12, 2025 7:53 am ET
1min read

Bybit Co-Founder Ben Zhou has announced that the platform will not list PI for trading, citing potential compliance issues. In a social media post, Zhou stated that Bybit will only observe PI from a distance, indicating a cautious approach to the cryptocurrency.

The decision comes as the PI Network continues to attract attention, with over 60 million users worldwide. However, the network's "braindead" electronic religion and unregulated nature have raised concerns among regulators and industry players.

Bybit's stance on PI is not an isolated incident. Other exchanges, such as Binance, have also faced regulatory scrutiny and insider stories related to their executives' arrests. The cryptocurrency industry is increasingly under the microscope, with regulators and law enforcement agencies taking a closer look at potential compliance issues.

The On-chain Detective continues to monitor the situation, keeping a close eye on developments in the cryptocurrency market. As the industry evolves, exchanges and investors alike must navigate the complex landscape of regulations and compliance issues.

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