The reasons for not listing the Pi coin on the Binance platform so far (as of March 4, 2025) have not been officially announced by Binance, but several potential factors can be inferred based on available information and policies of major platforms like Binance:
1. **Unclear Mainnet:**
The Pi coin has not yet fully and openly launched its mainnet. Binance typically requires that a coin is supported by a stable and tradable blockchain network, which may be absent or insufficiently documented in the case of Pi.
2. **Doubts About the Project:**
There is controversy surrounding the credibility of Pi Network, as some experts believe its model resembles pyramid schemes due to its focus on mining through referrals without clear market value until later. Binance may avoid listing a coin that faces such criticisms to maintain its reputation.
3. **Strict Listing Criteria:**
Binance implements a thorough review process that includes assessing economic feasibility (Tokenomics), liquidity, security, and legal compliance. If Pi does not meet these criteria—such as lack of transparency in token distribution or absence of real liquidity—it may be postponed from listing.
4. **Market Risks and Volatility:**
The recent rise in Pi's price based on listing speculation (as happened in February 2025) may raise concerns for Binance about unsustainable volatility, especially if liquidity is limited or the coin relies on community hype rather than strong fundamentals.
5. **Regulatory Pressures:**
With increasing regulatory scrutiny on cryptocurrencies globally, Binance may hesitate to list a controversial coin like Pi if it faces warnings from entities like the Chinese government or others, or if it lacks full compliance with 'Know Your Customer' (KYC) requirements.
6. **Lack of Community Voting Commitment:**
Despite significant community support (86% of users in February 2025), Binance has confirmed that the voting is non-binding, meaning the final decision depends on its internal evaluation rather than public pressure.
Ultimately, the decision rests with Binance based on its risk-benefit assessment. The situation may change if Pi provides positive updates such as launching a stable open network or increasing transparency, but so far, there are no official confirmations regarding the listing date.