Despite receiving increasing interest from the cryptocurrency community, Pi Coin has still not been able to register on top exchanges such as Coinbase and Binance. While some smaller exchanges have supported Pi, its absence on major exchanges continues to raise many questions about the project's transparency and readiness. According to cryptocurrency analyst Kim H Wong (@Time_and_Trade), there are three main reasons why Pi Coin's listing has been delayed:

1. Lack of Transparency in the Source Code

One of the biggest barriers is that Pi Network is still a closed blockchain – meaning the source code is not publicly available. Although not mandatory, Coinbase and Binance often prioritize projects with open source code, as it allows external experts and developers to review and assess the technical structure of the network.

When a blockchain is not transparent, exchanges find it difficult to assess the safety and actual operational capabilities of the system. This leads them to lack the basis for trusting the integrity of the project.

2. No Evidence of Security Audit

Another important factor is the lack of public evidence showing that Pi Network has undergone a security audit by a third party. Organizations like CertiK, SlowMist, or Hacken are often invited to assess the safety of the source code before the project is listed on major exchanges.

Without an audit, the project will be viewed as 'unverified' and poses many security risks. Meanwhile, both Binance and Coinbase prioritize safety, especially in the context of increasing scams and cyberattacks.

3. Incomplete Listing Registration File

Another key factor may come from the incomplete application process. To be considered for listing, projects must submit a formal and complete application to the exchanges. If this step is not taken, the review and due diligence process will not proceed, regardless of the size of the community or development potential.

Focus on the Ecosystem but Lacking Technical Conditions

Although it has not yet been listed on major exchanges, Pi Network is actively developing its ecosystem. They have launched a $100 million investment fund and the Pi App Studio platform to encourage developers to create applications on the network.

However, building the community and the application is just part of the process. To be officially listed, Pi still needs to address technical and legal issues – including transparency of the source code, security audits, and completing registration procedures with exchanges.

Conclusion

The fact that Pi Coin has not been listed on Coinbase and Binance is likely due to three main reasons:

  • Lack of transparency in the source code

  • No third-party security audit

  • Incomplete listing registration file

Until Pi Network overcomes these barriers, the ability to be listed on top exchanges will remain a big question mark, despite the strong development of the user community.