World’s largest crypto exchange Binance hit with one-star reviews as Pi Network supporters protest lack of listing

A post in a Pi Network Facebook group with over 135,000 members urged users to "rate Binance one star for disrespecting the Pi Network project." Similar calls circulated on Facebook and X, with many users claiming to have followed through, while a minority opposed the move.

Between Feb. 17 and Feb. 27, Binance conducted a survey via its Binance Square Official account to gauge interest in listing Pi. Over 85% of respondents supported the listing, but Binance emphasized that the poll results were "for reference only and do not determine any decision or action Binance may or may not take." "These results are not final," it states.

On Mar. 1, Binance updated the results, revealing that most users favored listing Pi but made no commitment. The exchange explained that its listing process involves rigorous due diligence, with an independent team evaluating criteria including project quality and team, technological innovation & roadmap, market demand & community engagement, use case & practical applications; and security & compliance.

Hoang Anh, an administrator of a Pi Network Facebook group with over 150,000 members and a participant in the project since 2020, suggests that many "Pi enthusiasts" may have mistakenly believed Binance would follow the poll results. This misunderstanding led to frustration among users who had registered accounts, completed identity verification, and deposited at least $5 to participate. "Feeling deceived, the only way for them to express their anger was through one-star ratings on Binance's app," he says.

Binance and Pi Network logos. Photo by VnExpress/Nhu Anh

The Thanh, a cryptocurrency investor since 2019, notes that meme coins like Pi typically surge in value when listed on major exchanges. "Those pushing for one-star ratings may have already acquired Pi from smaller exchanges or other users, leveraging this opportunity to pressure Binance," he comments.

On Thursday, Binance's Google Play rating had dropped from 4.9/5 to 3.8/5, with 2.86 million reviews. On the App Store, it declined from 4.8/5 to 4.2/5, with around 12,400 ratings. Many one-star reviewers accuse Binance of "tricking users into depositing money to vote for Pi," "disrespecting the Pi Network project," and "exploiting Pi supporters' trust."

This is not the first time a cryptocurrency exchange has faced backlash from Pi Network supporters. ByBit previously experienced a similar review attack, with its Google Play rating plummeting from 4.7/5 to 2.8/5 after its founder and CEO, Ben Zhou, issued scam warnings about Pi Network.

Analysts suggest Binance has valid reasons for not listing Pi. Blockchain expert Anh Bang from Ho Chi Minh City pointed out that despite launching its mainnet after six years, Pi Network has yet to release a smart contract or open-source code—fundamental elements of any legitimate cryptocurrency. Additionally, the project's founding team remains largely undisclosed, apart from Nicolas Kokkalis and Chengdiao Fan, who are listed as Stanford University Ph.D. holders.

Critics have also raised concerns about Pi Network's blockchain decentralization. Unlike other cryptocurrencies, Pi's mainnet nodes remain under the control of the Pi Network team. "All active mainnet nodes are controlled exclusively by the Pi core team, contradicting its claims of decentralization," a blockchain expert told CoinTelegraph. "While the project promises eventual decentralization, its current structure raises doubts about its commitment to this principle."

Regarding the absence of a smart contract, blockchain expert Nguyen Viet Dinh notes on Facebook that Pi Network uses the Stellar Core platform, which has supported smart contracts since version 20, but the project still operates on version 19.1. "They may upgrade to the latest version, 22.1, in the near future," he says.

The wave of one-star reviews has sparked concerns among other Pi supporters. "Not only Binance, but other exchanges may also hesitate to engage with the Pi Network community if they fear backlash for not meeting their expectations," Hoang Anh remarks. "Ultimately, missing out on Binance could hurt the Pi project more than it benefits it."

Founded in 2017, Binance became the world’s largest cryptocurrency exchange within a year. According to CoinMarketCap, its daily trading volume nears US$22 billion, with over 13.6 million weekly visits.

Launched in 2019, Pi Network promoted itself as a way for users to mine Pi for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most Pi miners. The project has been controversial, taking nearly six years to launch its mainnet, finally allowing users to transfer Pi to exchanges for trading on Feb. 20.