đ« Binance refuses the listing of Pi Coin: 15% drop and doubts about transparency
đž Why did Binance say no to Pi Coin?
The official motivation provided by Binance concerns a series of compliance-related concerns that the Pi Network project has failed to address. In particular, issues related to three key points have emerged:
đ Absence of third-party audits â Pi Network has not yet subjected its blockchain to independent reviews, a standard now required by all major trading platforms to ensure the security and reliability of the code.
đ Mainnet closed â Currently, the mainnet of Pi Coin remains inaccessible to the public, preventing a real verification of the decentralization and internal functioning of the network.
đ Centralized governance â The Pi Foundation maintains direct control over a significant portion of the tokens, without public audits on the wallets or transparency in the management system. This model clashes with the founding principles of modern criptovalute, based on decentralization and distributed governance.
To all this is added another critical point: the Pi Network code is not completely open source. A fundamental requirement in the blockchain world, as it ensures that the community can independently verify every aspect of the protocol and report any vulnerabilities.
đž The impact on the community: backlash and negative ratings
The response from the community was not long in coming. In a few days, the Pi Network apps saw a surge of negative reviews and declining ratings on Google Play Store and App Store. Many users expressed their frustration both against Binance, accused of excessive closure, and towards the Pi Foundation, guilty â according to a growing part of the community â of a lack of operational transparency.
The missed listing on Binance also has a significant psychological and practical impact: Binance represents one of the exchanges with the highest volume and global visibility.