Why Major Crypto Exchanges Avoid Listing Pi Network
Pi Network has emerged as one of the largest digital currencies, boasting a diluted market cap exceeding $70 billion and attracting over 20 million verified users. With such impressive metrics, it's surprising that top-tier crypto exchanges—both tier-1 and tier-2—have yet to list it. Listing Pi Network could instantly generate millions in transaction fees for these platforms.
So, why the hesitation?
One of the most probable reasons is the network’s centralization. Pi Network operates under the tight control of an enigmatic entity called the Pi Foundation. This level of centralization raises eyebrows in a decentralized ecosystem.
Adding to the concerns, the Pi Core team has remained tight-lipped about the foundation's operations, including its geographical base and whether reputable firms like Deloitte or PwC audit its finances.
This lack of transparency matters—big time. Here's why:
1. The Pi Foundation reportedly controls over 90 billion unlocked Pi coins spread across thousands of wallets.
2. Only a portion (around 72 billion coins) can be tracked through public wallets like those on PiScan, worth an estimated $53 billion.
3. The remaining 20 billion tokens are stored in untraceable wallets, raising major accountability issues.
As a result, major exchanges such as Coinbase, Binance, Kraken, and Upbit are steering clear for now. Unless the developers take clear steps to decentralize control and introduce independent auditing, these platforms are unlikely to support the coin.
This situation has drawn comparisons to classic crypto pump-and-dump schemes, where hype is built around a news event—only for the insiders to cash out when prices spike.