Binance has not listed Pi Coin yet for several possible reasons:

1. Pi Network is Still in "Enclosed Mainnet"

Pi Network is not yet fully open for public blockchain transactions. It operates in an "Enclosed Mainnet" phase, meaning Pi cannot be freely traded or withdrawn outside its ecosystem. Binance and other major exchanges typically list coins that are fully tradable.

2. Regulatory and Compliance Concerns

Exchanges like Binance have strict policies to ensure a cryptocurrency meets regulatory standards. Pi Network’s compliance with global financial regulations may still be under review.

3. Liquidity and Demand Issues

Binance needs to ensure that a listed token has enough liquidity and trading volume. Since Pi is not openly traded yet, Binance may be waiting for more real-world transactions and price stability before listing it.

4. Lack of Full Blockchain Transparency

Exchanges require clear blockchain operations, including open-source code and verification of transactions. Pi Network's blockchain is not yet fully transparent, which could be a reason for hesitation.

5. Awaiting More Business Adoption

Binance may be looking for more businesses to adopt Pi for payments before recognizing it as a viable asset for trading.

Some rumors suggest Binance could list Pi once it enters its Open Mainnet phase and demonstrates strong market demand. Until then, Pi remains in a phase where its value is largely determined by the ecosystem rather than open trading.

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