Pi Coin has experienced significant volatility, surging to $2.98 before plummeting to $0.50, leaving many investors surprised. Currently, Pi is down over 11% and trading at $0.63. A key factor behind its struggles is its absence from major exchanges like Binance and Coinbase, which limits its visibility and trading volume.
Nguyễn Hà Minh Thông, founder of Cabo Capital in Ho Chi Minh City, recently shared insights on why Binance has yet to list Pi Token. According to him, despite the Pi community’s belief that the project can thrive without Binance, recognition from major exchanges is critical for Pi to gain market credibility and value. Here are the main reasons Binance has not listed Pi:
- Limited Open Market Activity
Although Pi Network’s mainnet has been live since late 2024, it operates in an “enclosed” state, restricting transactions to its internal ecosystem. Binance prioritizes projects with fully open, public blockchains for transparency and stable market activity. - Unclear Tokenomics
Pi reportedly has a total supply of 100 billion tokens, with only 6.8 billion in circulation. Moreover, the Pi Core Team has removed 10 million tokens without explanation, raising concerns about price manipulation. Binance requires clear, transparent data about token distribution to minimize risks. - Regulatory Concerns
Binance faces increasing regulatory scrutiny worldwide, especially in the U.S., where compliance with financial laws is critical. Pi Network lacks recognition from regulatory bodies, and in Vietnam, cryptocurrencies are not legally acknowledged. Additionally, Pi has been flagged in China as a “multi-level marketing project,” further complicating its credibility. Listing Pi could expose Binance to legal and regulatory risks. - Lack of Liquidity and Market Activity
Binance requires tokens to demonstrate strong liquidity and trading volume on major exchanges. Currently, Pi is mostly traded through OTC channels like Telegram and small platforms such as OKX and HTX, where prices remain unstable. Pi has yet to undergo true price discovery in open markets, a key criterion for Binance listings. - Centralization Issues
Pi Network has been criticized for its centralized structure, with the Pi Core Team controlling all mainnet nodes. This goes against the decentralized principles that Binance and other major exchanges prioritize, as seen with projects like Bitcoin and Ethereum.
Until these issues are resolved, Pi Token’s path to being listed on Binance remains uncertain, and its market growth will likely continue to face challenges.