Ray Youssef, CEO of NoOnes and former Paxful co-founder, believes a Binance listing is no longer a badge of legitimacy—it’s a liability.
In the latest podcast with BeInCrypto, Youssef claimed Binance has shifted from being a growth engine for crypto projects to an “extractive machine” since the departure of Changpeng Zhao (CZ).
He didn’t hold back.
“Binance listings used to mean something. Now, they’re the kiss of death,” Youssef said.
Has Binance Listings Lost Its Legitimacy?
Youssef argues Binance changed course dramatically after US authorities pressured CZ to step down in 2023. He claimed that since then, the exchange has acted against user interests and selectively listed projects based on what they could extract in return.
“After America took over Binance, everything changed,” he said. “They disabled pan-African P2P trading. Egyptians can’t trade with Nigerians. That was the first move.”
He accused the new leadership of prioritizing control and profits over community and innovation. Youssef also claimed Pi Network might have refused to meet Binance’s alleged demand for a large token allocation or hefty listing fee—leading to the current listing deadlock.
“They didn’t want to give Binance 50% of their token supply,” Youssef said. “So Binance didn’t list them. It’s that simple.”
He described the listing model as predatory.
“They list scam tokens, rug them, and dump on the community,” he claimed. “They’re not building anything. They’re just milking what’s left.”
Youssef also drew parallels with Pump.Fun, describing both as profit extraction schemes.
“Binance today is Pump.Fun with a UI. It’s just sniping, dumping, and draining value.”
Why a Binance Listing May Not Help Pi Network
While Pi Network users continue pushing for a Binance listing, Youssef argues it may be a blessing in disguise that it hasn’t happened.
“Had Pi listed, their token could be 10x lower,” he said. “Binance would have dumped it like they do with everything else.”
Binance once played a critical role in popularizing ICOs and giving exposure to small projects. But Youssef said that era is over.
He suggested that today’s exchange-driven token launches are more about grabbing supply than nurturing innovation.
“If you’re not handing over massive amounts of tokens or paying big fees, they don’t want you.”
This perspective challenges a long-held belief in the crypto space—that a Binance listing is the final milestone before mainstream adoption.
“People used to think Binance listing meant legitimacy. Now, it usually means a short pump and a long dump. There are better ways to reach your community than handing over half your supply to middle managers.”
Is Pi Network a Pyramid Scheme?
Pi Network has long faced criticism over its invite-only mining model, which rewards user acquisition. Skeptics label it a pyramid scheme. Supporters argue it’s a novel way to bootstrap a user base.
Ray Youssef didn’t directly endorse the project but highlighted one reason it may be misunderstood.
“People throw around the term ‘pyramid scheme’ too loosely. Pyramid mechanics themselves aren’t the problem—Avon built a global business using them. The real question is whether the actual work is being done, or are you just paying off old users with new users’ money? If no real value is created, it becomes cannibalistic. But if there’s real work, even human effort, then it’s legitimate. That’s the difference between a scam and a smart model.”
He didn’t comment on the technical merits of the project. But his framing suggests Pi’s refusal to be listed under Binance’s terms may reflect a level of integrity—or at least, independence.
Why Pi Coin Price Keeps Falling
Despite several key upgrades and ecosystem rollouts, Pi Coin continues to slide in value. The token now trades near its all-time low—around $0.44—despite major developments like the Pi App Studio launch and new merchant partnerships.
According to Ray Youssef, the issue lies in who carries the message.
“In blockchain, developers are your safety net,” he said. “They’re like the underwriters of your token price.”
He explained that retail users can drive mass adoption, but developers are critical in defending price through ecosystem support and technical advocacy.
“Pi succeeded on the retail side—millions mining the token. But developers? That stable is thin,” he said.
Youssef compared this to Ethereum’s early success. He noted how Vitalik Buterin actively courted developers, creating a technical community that helped validate every upgrade and drive long-term trust.
“Those Ghanaians, Nigerians, Argentinians using the app—they don’t know what zk-SNARK is,” he said. “They can’t communicate that value. Developers can.”
He argued that Pi Network’s anonymous leadership and lack of technical openness may have discouraged developer involvement. Without that base, even significant upgrades fail to generate price momentum.
“Maybe the structure isn’t enticing to devs. Maybe the team being in the shadows holds them back,” he added.
The result: a project with millions of users, but no technical evangelists to amplify its progress. That disconnect may explain why price action runs contrary to its ecosystem growth.
Final Thoughts
Ray Youssef’s commentary reflects a broader reckoning in crypto: centralization in exchange listings, regulatory capture, and power consolidation have created systemic risks.
In his view, Pi Network may have avoided a trap by not joining Binance—despite community pressure.
“Projects list on Binance thinking it’s their big moment. Instead, they get dumped on by whales. Maybe they’re better off,” he concluded.
As debates continue over Pi’s future and token utility, one thing is clear: legitimacy in crypto no longer flows through the same channels it once did.
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