Binance lists can be a “death kiss” for PI networks and new tokens

Ray Youssef, CEO of NOONES and former Paxful co-founder, believes that the Binance List is no longer a badge of legitimacy, but a responsibility.

In his latest podcast with Beincrypto, Youssef claimed that Binance has moved from the growth engine of crypto projects to “extractors” since the departure of Changpeng Zhao (CZ).

He did not restrain.

“A list of Binance that previously meant something. Now they’re a kiss of death,” Youssef said.

Has Binance’s list lost its legitimacy?

Youssef claims that Binance dramatically changed course after US officials pressured CZ to step down in 2023. He has since argued that the exchange has acted against the user’s interests and selectively lists projects based on what could be extracted in return.

“Everything changed since America took over Binance,” he said. “They have overridden pan-African P2P trading. Egyptians cannot trade with Nigerians. That was the first move.”

He denounced the new leadership for prioritizing control and profit over community and innovation. Youssef also claimed that the PI network may have refused to meet alleged demand for large-scale token allocations or large listing fees for Binance.

“They didn’t want to give Vinance 50% of their token supply,” Youssef said. “So Binance didn’t list them. It’s very easy.”

He described the List model as predatory.

“They list scam tokens, attack them and throw them into the community,” he insisted. “They’re not building anything. They’re just milking what’s left.”

Youssef also draws similarities with Pump.fun, describing both as profit extraction schemes.

“Today’s Binance is Pump.fun fun with a UI. It’s worth sniping, dumping and draining.”

Why Binance Lists Are Not Useful for PI Networks

While PI network users continue to drive the Binance list, Youssef claims it could be a blessing to disguise that it’s not happening.

“If the PI is listed, the token may be 10 times lower,” he said. “Binance would have thrown it away like everything else.”

Binance once played an important role in popularizing ICOs and exposing small projects. But Yousef said the times were over.

He suggested that today’s exchange-driven token launches are more about grabbing supply than fostering innovation.

“If you’re not giving them a lot of tokens or paying a big fee, they don’t want you.”

This perspective challenges longstanding belief in the crypto space. That Binance list is the final milestone before mainstream adoption.

“We used to think that a list of binance meant legitimacy. Now it usually means short pumps and long dumps. There’s a better way to get to the community than handing half of the supply to the middle manager.”

Is a PI network a pyramid scheme?

PI networks have long faced criticism of their invitation-only mining model that rewards users’ acquisition. Skeptics label it a pyramid scheme. Supporters argue that it is a novel way to bootstrap a user base.

Ray Youssef did not directly support the project, but highlighted one reason why it could be misunderstood.

I run the term “pyramid scheme” too loosely. The pyramid mechanics themselves are not a problem. Avon used them to build a global business. The real question is whether the actual work is being done or is it just to repay the old user with the money of the new user?

He did not comment on the technical benefits of the project. However, his framing suggests Pi’s refusal to be listed under Binance’s conditions suggests that it may reflect a level of honesty, or at least independence.

Why Pi Coin prices continue to fall

Despite some important upgrades and ecosystem rollouts, Pi Coin’s value continues to slide. Tokens are currently approaching an all-time low ($0.44), with the launch of PI App Studio and new merchant partnerships.

According to Ray Youssef, the issue lies in who will convey the message.

“In blockchain, developers are your safety net,” he said. “They seem to be underwriters of your token price.”

He explained that retail users can drive mass adoption, but developers are important in protecting prices through ecosystem support and technical advocacy.

“Pi has been a successful retailer. It mines one million tokens. But developers? That stable is thin,” he said.

Youssef compared this to Ethereum’s early success. He noted how Vitalik Buterin actively courted developers, created a technical community that would help them verify all upgrades and promote long-term trust.

“Ghanaians, Nigerians and Argentinians use the app. They don’t know what ZK-SNARK is,” he said. “They can’t convey that value. Developers can.”

He argued that the PI network’s anonymous leadership and lack of technical openness may discourage developers from committing. Without that base, even important upgrades can’t generate price momentum.

“Maybe the structure isn’t tempted by the developers. Maybe the team in the shadows is holding them back,” he added.

Results: This project has millions of users, but no technical evangelists will amplify its progress. That disconnect might explain why price action is against the growth of its ecosystem.

Final thoughts

Ray Youssef’s commentary reflects the broader computation of cryptography. Exchange lists, regulatory capture, and centralisation of power integration created systematic risks.

In his view, the PI network may have avoided the trap by not joining Binance despite community pressure.

“Binance’s project list thinking it was their big moment. Instead, they’re dumped by whales. Maybe they’re better,” he concluded.

One thing becomes clear as the debate continues over the future of Pi and the token utility. Cryptographic legitimacy no longer flows through the same channels it used to do.

Post-binance lists could be a “death kiss” for the PI network, with new tokens first appearing in beincrypto.