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Why hasn’t Binance listed Pi?

There are a few reasons Pi hasn’t made it onto Binance’s platform, both unofficial and official.

Unofficially, concerns have circulated within the broader crypto space since Pi Network’s mainnet launch in February 2025. Critics point to artificially inflated user metrics, Ponzi-style dynamics, centralized control of the network and tokenomics, or the lack thereof, as dead giveaways.

However, the official stance of Binance experts familiar with the matter suggests:

• Blockchain compatibility problems: Binance’s “Vote to List” initiative favors projects built on the BNB Smart Chain. Pi Network operates on its own blockchain, so it doesn’t meet the core eligibility criteria.
• Transparency issues: Binance expects clear and public disclosures about how a token is issued, locked or burned. So far, Pi has not provided the level of detail that major exchanges typically require. Without that transparency, it’s difficult for platforms to assess the integrity of the token’s economics.
• Regulatory concerns: In regions like Vietnam and China, Pi Network has come under scrutiny for operating in a way that resembles multilevel marketing (MLM). That kind of classification introduces regulatory uncertainty — something major exchanges prefer to avoid.

Did you know? You can’t join Pi Network without a referral code; every user has to be invited by someone else. It’s designed to grow only through personal connections.

Pi token faces market challenges

Since missing out on Binance’s stamp of approval, PI’s price has continued to suffer, dropping to around $0.56 as of early April 2025 — an 80% plunge from its all-time high.

And while Pi has made its way onto other platforms such as OKX, Bitget and MEXC, none of them bring the same level of exposure or liquidity. Without access to Binance’s massive user base and credibility, it’s hard for PI to gain serious traction in the broader market.

Since then, Pi’s price line has been choppy. Short-lived spikes have mostly been driven by speculation — often around mainnet rumors or exchange teasers — but they’ve consistently been followed by corrections. The token has struggled to maintain upward momentum, and trading volumes remain thin compared to more established projects.

The Pi Core Team has said it’s been working on improving transparency and tightening up the regulatory side of things. That’s a step in the right direction, but whether it’s enough to win over Binance — or any other top-tier exchange — is still up in the air.

Can Pi survive?

The answer to this question is twofold and relies on where one chooses to place the blindfolds.

Blindfold on: Community power and independent infrastructure

Pi Network does have certain advantages that could allow it to grow without relying on top-tier exchange listings.

First, its user base is massive. Even with skepticism growing, Pi claims tens of millions of users — numbers most crypto projects would kill for. This scale gives the network a built-in market for its native currency, especially in regions where mobile-first solutions have real appeal.

Second, the Pi Core Team has emphasized real-world usage. Through campaigns like PiFest, it has tried to prove that Pi is a functional currency as well as a speculative asset — over 125,000 merchants reportedly signed up to accept Pi during the March 2025 event.

Even though the actual payment volume remained flat, the infrastructure is at least starting to form.

The team also continues to build its own ecosystem — wallets, decentralizd applications and even a proprietary Know Your Customer (KYC) system — rather than relying on third-party platforms or validators. If Pi can evolve into a closed-loop economy, where users earn, spend and exchange Pi within its own environment, major exchanges may not be as critical. 

In theory, Pi could carve out its own lane: not as a speculative coin traded on open markets, but as a digital currency used in peer-to-peer economies and low-cost marketplaces.

Blindfold off: A fragile ecosystem with mounting pressure

Despite the initial hype, Pi Coin’s performance since its mainnet launch has been dismal. 

The token is facing major inflation pressure: Over 124 million Pi is being unlocked in April alone, with a total of 1.53 billion entering circulation in the next year, pushing the supply to over 8.2 billion.

Meanwhile, the migration process is broken. Only a fraction of users have been able to complete KYC and access their coins, with many reporting lost tokens or endless verification loops.

While smaller exchanges like OKX and Bitget list Pi, tier 1 platforms like Binance, Coinbase and Kraken have steered clear. The lack of transparency from the Pi Core Team on development milestones and token economics only deepens user frustration.

Did you know? It’s been reported that Bybit’s CEO called the Pi Network a “scam” — a label the developers deny but one that hangs heavy in the absence of clear communication.

Without exchange listings, is there a future for Pi Network?

Could Pi succeed without major exchange listings? Technically, yes — but the odds are narrowing fast.

To do so, it would need to pivot fully into a functional ecosystem where Pi is used, not traded. That means solving the KYC backlog, building a real application layer, attracting developers and showing meaningful payment activity. It’s a tall order.

The more likely outcome is that Pi needs at least some exchange support to gain the liquidity, visibility and trust it currently lacks. Without it, Pi may remain a well-intentioned experiment that never fully escapes its enclosed garden — or worse, collapses under the weight of its own hype.

In short, Pi Network doesn’t need Binance to exist. But to thrive? That’s another story.