In the world of cryptocurrency, new projects are constantly attracting attention. Among them, “Pi Network” is particularly a hot topic. This project aims to enable mobile-based cryptocurrency mining and has gathered many supporters. However, on the other hand, there are not a few voices raising doubts about its legitimacy and long-term sustainability.

Bybit CEO’s Remarks Spark Debate

Recently, Bybit CEO Ben Zhou shared his thoughts on the Pi Network on social media, causing a stir. Zhou stated that he would “keep his distance from this project” and cited his past experience in FX trading as the reason for refusing to participate. This statement sparked mixed reactions within the cryptocurrency community and raised new questions about the reliability of the Pi Network.

Major Exchanges Plan to List Pi Coin

Despite these concerns, major cryptocurrency exchanges such as OKX, Bitget, and MEXC have announced plans to list the Pi Network’s token, “Pi Coin,” on February 20, 2024. Meanwhile, Bybit has not issued an official statement at this time, and based on Zhou’s remarks, the possibility of listing is considered low.

Bybit’s Pi Network Listing Rejection and the Impact of KYB

The Pi Network is attracting attention in the cryptocurrency market, but Bybit CEO Ben Zhou’s refusal to list its token, “Pi Coin,” has sparked significant debate. This decision is based on concerns about the project’s legitimacy and business model, as well as Zhou’s own past experiences. Furthermore, the KYB (Know Your Business) protocol adopted by the Pi Network adds a new perspective to this discussion.

Reasons Why Bybit CEO Rejected the Listing

Zhou publicly rejected the request to list Pi Coin, stating that he would “keep his distance from this project.” The background to this is said to be his past experience facing protests and refund requests from investors in FX trading. Furthermore, Zhou is skeptical about the Pi Network’s business model, and some criticize the project as being closer to multi-level marketing (MLM) than blockchain technology.

While Bybit shows a cautious stance, other major exchanges such as OKX and MEXC have announced plans to list Pi Coin. However, these listing plans do not dispel doubts about the project’s transparency and long-term viability.

Such a meme has also been created.

This image is a meme based on a famous scene from the movie “Captain America: The Winter Soldier,” satirically depicting the relationship between cryptocurrency exchange Bybit and Pi Network.

Points of Humor

1. Change in Exchange’s Attitude

In the first panel, Bybit says, “I want to list PI.”

However, the Pi Network side asks, “Do you have Mica certificate? Do you have KYB?”

Then, Bybit suddenly says, “Pi is a ‘Pyramid Scheme Scam’,” and its attitude changes abruptly.

2. Violent Confrontation in the Final Panel

Bybit’s Captain America is being attacked by the Pi Network.

This expresses how the Pi community strongly reacts against Bybit’s statements and actions.

Underlying Meaning

Exchanges like Bybit hope to list Pi Network, but the Pi side is confirming whether regulatory requirements are met.

When regulation is mentioned, Bybit changes its attitude and labels Pi as a scam.

However, the Pi community rebels against this and fiercely opposes it.

This meme can be said to express the strong unity of the Pi community and criticize the contradictory attitude of cryptocurrency exchanges from the perspective of Pi Network supporters.

What is KYB (Know Your Business)?

In addition to KYC (Know Your Customer) authentication for individual users, the Pi Network has introduced the KYB (Know Your Business) protocol for businesses operating within the ecosystem. This KYB aims to ensure that businesses meet regulatory standards and maintain transparency. However, this centralized approach is criticized by some as contradicting the decentralized philosophy of blockchain technology.

Key features of KYB include:

• Businesses must complete the authentication process to participate in mainnet activities.
• Only authenticated businesses will be listed on the open mainnet.
• To build a secure Web3 environment, the system allows only authenticated businesses and users to interact.

However, some concerns have also been raised that these measures undermine the decentralized philosophy and that user assets (Pi tokens) could be frozen if KYC or KYB authentication is revoked.

Impact on Community and Investors

Regarding Bybit’s listing rejection and the introduction of KYB, opinions are divided within the cryptocurrency community:

• Voices praising Zhou’s cautious stance and evaluating it as a measure against the fraud risks specific to this industry.
• Voices criticizing Zhou’s remarks as “FUD (Fear, Uncertainty, Doubt)” and arguing that the Pi Network’s unique model promotes innovation.

Regarding the introduction of KYB, there are opinions that consider it essential for achieving regulatory compliance and opinions that view it as a betrayal of decentralized technology. Particularly in the Japanese market, the balance between regulatory compliance and innovation is emphasized, and in this regard, the Pi Network can be said to be facing challenges.

Conclusion

Bybit’s rejection of the Pi Coin listing highlighted widespread concerns about its legitimacy and market readiness. Meanwhile, while the KYB protocol aims to improve security and compliance within the ecosystem, its centralized nature also faces criticism. How the Pi Network, with its open mainnet launch scheduled for February 20, 2024, will address these challenges, and the outcome of that, will significantly influence its future success and trustworthiness.

Expectations and Concerns Regarding Market Performance

If Pi Coin is listed on major exchanges, significant trading volume is expected. However, market performance depends on multiple factors, including user adoption rate and overall market sentiment. Some analysts predict a bullish start, while others warn about the possibility of a “pump and dump.”

Impact on Community and Investors

The Pi Network already has millions of users, and its support base is very strong. However, criticism from influential figures like Zhou could affect its credibility and market valuation. Ultimately, it will likely be a typical case of high risk, high reward.

Conclusion and Future Outlook

The Pi Network has attracted significant attention due to its innovation and accessibility. However, its success comes with many challenges. As an investor, it is important to conduct sufficient research and carefully evaluate the risks and returns.