1. Enclosed Mainnet: Pi Network’s restricted mainnet limits external trading, making it incompatible with Binance’s requirement for a fully operational, open blockchain.
2. Opaque Tokenomics: Lack of transparency in token supply (100B total, ~6.9B circulating), locking, and burning mechanisms raises concerns about manipulation, failing Binance’s listing standards.
3. Regulatory Risks: Pi lacks recognition by major regulators, faces pyramid scheme allegations in China, and has KYC issues, posing legal risks for Binance under global scrutiny.
4. Low Liquidity: Pi’s trading volume (~$288M daily) and price volatility ($0.50–$2.98) on smaller exchanges (OKX, Bitget) fall short of Binance’s liquidity thresholds.
5. BNB Smart Chain Incompatibility: Pi’s independent blockchain excludes it from Binance’s “Vote to List” program, despite 86% community support.
6. Legitimacy Concerns: Skepticism about Pi’s mobile-mining model and centralized control deters Binance, wary of reputational damage.
Outlook: Pi’s massive user base shows potential, but listing requires an open mainnet, transparent tokenomics, and regulatory clarity. Binance’s caution reflects risk aversion, not rejection. Users can trade on smaller exchanges but should stay cautious and verify updates.
