Binance faces backlash over Pi Network listing decision
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Binance, the world's largest cryptocurrency exchange, is facing significant backlash after Pi Network supporters flooded the app with one-star reviews on both Google Play and the Apple App Store.
The reviews stem from frustration over Binance's failure to list Pi coins on its platform despite earlier polls that suggested strong support for the listing.
A post in a Pi Network Facebook group, which has more than 135,000 members, urged users to 'rate Binance one star for disrespecting the Pi Network project.'
Similar calls to action circulated on Facebook and X, with many users claiming they followed through. However, some critics argued against the move.
Between February 17 and February 27, Binance conducted a poll via its Binance Square Official account to assess interest in listing Pi.
While over 85% of respondents supported the listing, Binance clarified that the poll results were for reference only and would not determine any official action.
On March 1, Binance updated the poll results but stopped short of committing to a Pi listing, emphasising that the exchange's listing process involves comprehensive due diligence, which includes evaluating project quality, team, market demand, use case, technological innovation, and compliance.
Hoang Anh, an administrator of another large Pi Network Facebook group, suggested that many Pi supporters mistakenly believed the poll results would lead to a listing.
This misunderstanding, he said, led to frustration among users who had completed identity verification and deposited at least $5 to participate in the poll. 'Feeling deceived, the only way for them to express their anger was through one-star ratings,' Anh explained.
Binance's Google Play rating had dropped from 4.9/5 to 3.8/5, with 2.86 million reviews.
On the App Store, the rating fell from 4.8/5 to 4.2/5, with around 12,400 ratings. Many one-star reviews accuse Binance of "tricking users into depositing money to vote for Pi," and "disrespecting the Pi Network project."
This is not the first time Pi Network supporters have targeted a cryptocurrency exchange over the project's listing.
ByBit, a rival exchange, faced a similar backlash, with its Google Play rating falling from 4.7/5 to 2.8/5 after its CEO, Ben Zhou, issued warnings about Pi Network being a potential scam.
Despite the pressure, analysts suggest Binance may have legitimate reasons for withholding Pi from its platform.
Blockchain expert Anh Bang noted that, despite launching its mainnet after six years, Pi Network has yet to release essential elements like smart contracts and open-source code, which are vital for a legitimate cryptocurrency project.
Furthermore, the project's decentralized structure has been questioned, as all active mainnet nodes are controlled by the Pi Network team, not a distributed network of independent validators.
Pi Network, launched in 2019, has faced its share of controversy.
The project initially gained attention for allowing users to mine Pi through its mobile app, with no need for heavy computational power.
However, the network's slow pace in launching its mainnet, which finally occurred in February 2025, has raised doubts about the project's long-term viability.
The ongoing dispute over Pi's listing has raised concerns that further alienation of exchanges could hurt the project's future.
'Not only Binance, but other exchanges may also hesitate to engage with the Pi Network community if they fear backlash for not meeting expectations,' warned Hoang Anh. 'Missing out on Binance could ultimately hurt the Pi project more than it benefits it.'
Founded in 2017, Binance became the largest cryptocurrency exchange globally by 2018, with daily trading volumes nearing $22 billion, according to CoinMarketCap.
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