Why Binance May Never List Pi Coin, According to Expert Analysis

Despite Pi Coin initial hype and massive user base, experts cite serious concerns—ranging from unclear tokenomics to centralization—that may prevent Binance from ever listing the token.

After reaching an impressive high of $2.98 earlier this year, Pi Coin has since nosedived to $0.63, reflecting an 11% daily drop and a broader loss of confidence in the asset’s market potential. One recurring question that continues to dominate crypto discussions is: Why hasn’t Binance listed Pi?

Recently, Vietnamese blockchain expert Nguyễn Hà Minh Thông, founder of Cabo Capital, addressed this issue head-on in a widely cited interview with Bao Moi, offering a comprehensive explanation of why Binance is unlikely to list Pi Coin in its current form.

🔒 Limited Open Market Activity

Although Pi Network’s mainnet officially launched in late 2024, it still operates in what’s known as an “enclosed mainnet” state. This means token transfers are restricted to the Pi ecosystem, which lacks interoperability with public blockchains. As Binance only lists tokens that offer transparent, permissionless, and fully accessible trading environments, this lack of public mainnet exposure raises red flags.

According to Thông, “Exchanges like Binance expect transparency and stability from listed tokens. Without open access and real-world trading volume, Pi simply doesn’t meet listing criteria.”

📉 Unclear and Concerning Tokenomics

Pi’s token supply is also a point of contention. While the whitepaper mentions a total supply of 100 billion, only around 6.8 billion tokens are currently in circulation. More controversially, the Pi Core Team recently burned 10 million tokens without providing clear justification—a move that has sparked concerns about potential price manipulation and a lack of governance transparency.

For Binance, such ambiguity poses a serious threat. As a platform under strict global regulatory scrutiny, any hint of unbalanced token distribution or manipulation is reason enough to exclude a project from its listings.

🏛️ Regulatory Gray Zones

Adding fuel to the skepticism, Pi Network remains in murky legal waters. The U.S. has yet to recognize Pi as a legitimate asset, and in Vietnam, cryptocurrencies like Pi lack any legal framework. Even more damaging, Chinese authorities previously flagged Pi as a “multi-level marketing scheme,” a claim that continues to tarnish the project’s reputation.

With Binance already facing intense regulatory pressure in key jurisdictions, listing a coin with this level of controversy would be seen as unnecessarily risky.

💧 Lack of Liquidity and Real Trading Volume

Unlike most altcoins that climb the ranks through active listings and transparent price discovery, Pi Coin trades mainly in OTC channels, particularly through Telegram groups and a few smaller exchanges like HTX and OKX. Prices are volatile, often based on sentiment rather than real market forces.

For Binance, which demands robust liquidity and daily volume metrics, Pi’s current trading ecosystem is far from sufficient.

🧱 Centralization Woes

Finally, Pi’s centralized node structure is a major sticking point. While blockchain purists celebrate decentralized governance, Pi Network is tightly controlled by the Core Team, who operate and oversee the majority of mainnet functions. Unlike Bitcoin or Ethereum, where network consensus is distributed, Pi’s system contradicts Binance’s ideological and technical listing standards.

Until Pi evolves toward true decentralization—both technically and operationally—its listing on a global platform like Binance remains unlikely.

Despite having a community of over 60 million users, the lack of decentralization, regulatory clarity, open trading, and stable liquidity means Pi still has a long way to go before it can earn its place among top-tier listings.

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