As Pi continues to plummet, experts cite transparency, liquidity, and regulatory issues behind its exclusion from major exchanges.
Pi is currently trading around USD 0.4/Pi. Screenshot
As of 1:00 p.m. on April 5, the price of the cryptocurrency Pi is trading around USD 0.44/Pi. Over the past week, Pi has seen a sharp decline of 45.70%, with no signs of recovery. Compared to its peak value of USD 2.99, Pi has lost over 86% of its value.
According to crypto experts, this downward spiral is inevitable as Pi tokens continue to be unlocked in large quantities for market trading. In March alone, over 71 million Pi tokens were unlocked. An additional 118 million Pi are scheduled to be released in April. The Pi Core Team has made no visible effort to stabilize or boost the coin’s value, allowing prices to fall freely.
Another major blow to Pi's prospects came when Binance, the world’s largest crypto exchange, opted not to list Pi despite prior community polling.
Why Binance hasn’t listed Pi
Nguyen Ha Minh Thong, founder of Cabo Capital in Ho Chi Minh City, explained that although Pi Network launched its mainnet at the end of 2024, it remains in an “enclosed” or partially restricted state. This means Pi transactions are still confined within its internal ecosystem, lacking true liquidity on open markets.
Binance typically requires that a coin operates on a fully functioning, public, and verifiable blockchain to ensure transparency and reliability. In Pi’s case, Binance cannot yet properly assess its level of decentralization or technical risk - making the coin unsuitable for listing on a platform of its scale.
Tokenomics and transparency concerns
Pi Network’s tokenomics are another red flag. Though the total supply is reportedly 100 billion tokens, the actual circulating supply (estimated at 6.8 billion) remains unclear. The Pi Core Team previously burned 10 million tokens without publicly explaining why, fueling concerns over potential price manipulation.
Binance enforces strict listing standards and requires clear data on token lock mechanisms, burning schedules, and distribution models. The lack of transparency makes Binance hesitant, as listing a non-transparent token could lead to price volatility or even legal accusations of supporting unreliable projects.
Legal risk and regulatory pressure
Binance is already under intense legal scrutiny in several countries - especially in the U.S. - over alleged money laundering and regulatory violations. As a result, it is extremely cautious when selecting projects to list. Although Pi Network boasts over 65 million app downloads, it lacks formal recognition by any regulatory authority. In Vietnam, cryptocurrency remains unregulated, while in China, Pi has been flagged as a “multi-level marketing” scheme. Listing Pi under such conditions could expose Binance to litigation or reputational damage.
To be listed, a cryptocurrency typically must demonstrate strong liquidity and price discovery on established exchanges or decentralized markets (DEX). Currently, Pi is only traded over-the-counter (OTC) - via Telegram groups or minor exchanges like OKX and HTX - with highly unstable pricing. Pi’s value is largely speculative and driven by community hype rather than actual trading activity.
Centralized control and lack of transparency
The Pi Network has also been criticized for its high level of centralization, as the Pi Core Team controls all mainnet nodes - contradicting the decentralization principles favored by exchanges like Binance. Additionally, the development team, led by Nicolas Kokkalis, remains tight-lipped and has not released a clear roadmap or open-source codebase, raising concerns among the crypto community about the project’s seriousness - or whether it might be a scam.
Thong emphasized that while Pi supporters may claim they don’t need Binance, the absence of any major exchange listing makes it difficult for Pi to escape skepticism or attain real market value.
In Vietnam, no legal framework currently governs cryptocurrency trading. The State Bank of Vietnam has repeatedly warned of the risks of owning, buying, and selling digital currencies like Bitcoin and others. It has stressed that these transactions are not protected by law.
VietBF@ Sưu tập