Binance Won’t List Pi Coin (PI): Here Are the Main Reasons Why

• Binance opts not to list Pi Coin, citing multiple development & regulatory red flags
• Pi Network’s closed mainnet prevents transparency & liquidity assessment by exchanges
• Regulatory uncertainty, centralization & lack of liquidity are key listing hurdles

Binance, the world’s largest crypto exchange by volume, confirmed it will not list Pi Network’s Pi Coin, a decision met with disappointment among the project’s large community of supporters. The exchange’s move lays out the hurdles related to Pi’s current development stage, market readiness, and uncertain regulatory standing.

Despite Pi Network’s considerable user base, Binance’s standard due diligence process uncovered several potential issues preventing a listing at this time.

Why Pi Network’s Closed Mainnet is a Hurdle

A central issue is Pi Network’s closed mainnet environment. With the blockchain not yet fully open or accessible externally, transactions remain confined, limiting the transparency crucial for decentralized networks. 

Related: Pi Network Price Plunge: What’s With the Pi Coin’s Wild Price Swings?

This lack of open infrastructure prevents major exchanges like Binance from properly evaluating critical factors like liquidity, network usability, and genuine decentralization. Until Pi Network transitions to an open, auditable mainnet, major platforms are unlikely to proceed with a listing.

Regulatory Ambiguity Adds Risk

Pi Network also faces uncertainty regarding compliance with global financial regulations. Without clear approval or a defined path forward from regulatory bodies, Pi Coin presents risks for exchanges. 

Binance, already operating under regulatory scrutiny in various jurisdictions, understandably remains cautious about listing assets lacking verified legal standing. Doing so could risk violations of anti-money laundering (AML) or securities laws, making Pi’s unclear regulatory status a significant barrier.

Related: Pi Coin 40% Surge: Binance Listing Fuels $4 Price Target Talk

Centralized Governance Raises Questions

Pi Network’s centralized governance model also factored into Binance’s assessment. Unlike networks such as Bitcoin or Ethereum with broadly distributed decision-making, Pi’s core team retains substantial control over the project’s direction. 

This centralized structure runs counter to the decentralized principles many major exchanges prefer to support, prompting questions about the project’s long-term resilience and resistance to censorship.

Lack of Market Liquidity Poses Trading Risks

Currently, Pi Coin lacks external market liquidity. It isn’t available on decentralized exchanges (DEXs) and has no established, independent price discovery mechanisms beyond speculative IOU markets. Binance must prioritize assets with verifiable market activity and sufficient liquidity to ensure a stable trading environment. 

Listing an asset without these characteristics introduces considerable financial risk for the exchange and potentially exposes traders to extreme price volatility and market manipulation.

Community Enthusiasm Isn’t Enough

While Pi Network claims millions of users acquired through mobile mining, user numbers alone do not satisfy Binance’s comprehensive listing criteria, which require a functional, open ecosystem, verifiable trading activity, and clear regulatory compliance. 

As of press time (March 26/27, 2025), prices for Pi Network IOUs or futures on some smaller exchanges hovered around $0.7876, reflecting sharp recent declines. The widely cited market cap (near $5.3 billion based on a 6.8 billion PI supply) remains largely theoretical without an open, actively traded mainnet coin.