YEREVAN (CoinChapter.com) — Binance has launched a community vote to decide whether it will list Pi Network’s token (PI). The decision follows the upcoming Pi Network mainnet launch on February 20, which has driven speculation and market activity.
Pi Network has been operating in an Enclosed Mainnet period since 2021, allowing users to mine tokens only through referrals. With the Open Network launch, discussions about its potential listing have intensified.
Binance’s decision to hold a vote comes amid increased engagement within the crypto community. A spokesperson for the exchange stated:
“We have been listening to the vibrant discussions within our community about Pi Network. To ensure users’ voices are heard, Binance is launching a Community Vote.”
The project has gained significant attention, with its IoU price increasing 78% last week, fueled by speculation about a potential Binance listing. Analysts estimate a launch price between $61 and $70 per token. However, discussions around its listing have also intensified scrutiny of Pi Network’s referral-based mining system.
Binance Announces Community Vote on Pi Network Listing. Source: Binance Square OfficialRare Community Vote on Token Listing
Binance rarely conducts community votes for listings. The exchange has faced criticism for adding low-market-cap tokens, leading to price volatility. The vote on Pi Network signals a different approach.
The voting period ends on Feb. 27, a week after the Pi Network mainnet launch. Binance has set requirements for participation:
“Users must hold a minimum of 5 USD equivalent assets in their exchange accounts for their votes to be eligible. Each user can vote once during the voting period. The project’s launch is still undergoing evaluation, and the decision will be based on our official review processes and standards,”
Binance wrote.
Binance has also confirmed that the listing process is still under review. The final decision will be based on internal evaluation standards.
Regulatory Challenges for Pi Network
Pi Network has built a large user base through its referral-based mining system, but its structure has raised concerns. The Chinese government has warned exchanges, advising OKX against listing the token.
Supporters emphasize Pi Network’s KYC compliance and Layer-1 blockchain capabilities. The Binance community vote will decide whether the token joins the exchange.
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