Pi Network to Block China and Other Regions From Trading, Exchange Confirms

Key Takeaways

• OKX reveals that Pi Network has asked it to adopt an isolated listing method.
• As a result, users deemed eligible in some regions might not be able to trade PI.
• The project is yet to comment publicly on this amid several criticism online.

Ahead of the Mainnet launch on Feb. 20, OKX, the crypto exchange planning to list the PI coin, announced that the project will adopt an isolated listing mode. As a result, some countries where users participated in mining the cryptocurrency might face access restrictions.

This development adds to the controversy already surrounding the anticipated listing. However, OKX cleared the air that the decision to tow this path is not completely its own.

OKX Confirms Pi Network Restrictions

According to the crypto exchange, Pi Network was the one that set the requirements. Though OKX says it is not sure what countries it will restrict, it expects mainland China to be part.

Due to this restriction, users in the country and other regions might not be able to trade or deposit the PI coin. This uncertainty has sparked frustration among Pi Network miners, many of whom have waited years to access liquidity for their holdings.

Some community members argue that these restrictions contradict the project’s initial promise of inclusivity. In light of the recent development, some critics have labeled the isolated listing mode a red flag.

For instance, a certain user on X (formerly Twitter) with the handle “FOMO HUNTER,” noted that Pi Network’s strategy seems shady.

“Isolated listing mode is a red flag for liquidity and access. Always question the impact on trading volume and market dynamics. Strategy over speculation,” The user stated.

The revelation has also led to some others calling the project a scam coin. This is, however, not new for the project.

Project Remains Under Fire

Critics argue that Pi Network’s prolonged delays and lack of transparent communication have fueled skepticism. Earlier in the week, users highlighted concerns about Pi Network’s Know-Your-Customer (KYC) process.

Skeptics also argue that if Pi Network were truly ready for Mainnet, more tier-1 exchanges would be lining up to list it despite a few other additions. Around the same period, ByBit CEO dismissed calls for the exchange to list the PI coin, stating that it is “the last thing he wants to deal with.”

With OKX now confirming that some regions may face restrictions, the skepticism around Pi Network’s legitimacy continues to grow.

Meanwhile, the PI [IOU] price has erased part of the gains it had earlier in the week. On Feb. 12 when the project disclosed plans to launch the Open Network, the price rallied above $93.

However, as of this writing, the value has plunged by double-digits, and currently trades at $61.28. In addition, Pi Network has yet to address OKX’s allegation that the directive came directly from them.