Since the launch of Pi’s Open Network, the community has eagerly awaited the listing of Pi Coin (PI) on Binance, the world’s largest crypto exchange. However, these expectations have yet to materialize.
Amid this, an analyst has outlined three primary reasons behind PI’s absence from major exchanges like Binance and Coinbase.
Why Hasn’t Pi Network Secured a Binance Listing Yet?
BeInCrypto previously reported that Binance launched a community vote for PI listing. Despite receiving 86% of the votes in favor, the exchange did not list the token.
Then, on Pi2Day, many expected an announcement regarding the listing, but once again, there was nothing. However, this may not be without reason.
In a detailed post on X, analyst Kim H. Wong highlighted why Binance or Coinbase have yet to list Pi Coin. According to him, the first obstacle is the non-open-source nature of Pi Network’s blockchain code.
Wong emphasized that open-source code facilitates trust and technical scrutiny, a standard the Pi Network has yet to meet. The second issue is the absence of a third-party security audit.
Major exchanges require rigorous security evaluations to protect users and comply with regulatory standards. The analyst revealed that unverified audit claims have been contradicted by ‘official disclaimers.’ Furthermore, there is no reliable documentation or source to verify that Pi Network has ever been audited.
“Third-party security audits are critical but not explicitly tied to open-source requirements. Coinbase emphasizes rigorous security reviews and often prefers audited code, while Binance focuses on technical stability and market demand. Open-source code, while not mandatory, would facilitate audits and enhance trust, but Pi Network’s closed mainnet status and lack of public audit reports suggest it may not yet meet these standards,” Wong stated.
The third reason is that Pi Network may not have formally applied for listing on these exchanges. At present, Pi Coin is available to trade on several centralized exchanges, including OKX, MEXC, Bitget, etc. However, whether the team has submitted an official application to Binance or Coinbase is uncertain.
This step is essential, as exchanges often require proactive engagement from project teams, including detailed documentation and compliance with their listing criteria. Without this, Pi Network’s path to these high-profile platforms remains blocked.
Previously, in an exclusive interview with BeInCrypto, Ray Youssef, CEO of NoOnes, also stressed that Pi Network’s mainnet’s permissioned nature and lack of transparency regarding how its tokenomics will work in an open environment are key factors that have hindered its listing on Binance.
Meanwhile, Wong added that a Binance or Coinbase listing could prove favorable for the price, which is currently just 10.7% away from returning to its all-time low.
BeInCrypto data showed that Pi Coin’s price has continuously declined for two months.
At the time of writing, it was trading at $0.45, down 3.8% over the past day. The trading activity has also slowed a bit as evidenced by the 5.8% dip in trading volume over the last 24 hours.
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