The non-listing of Pi Network on the Binance platform, despite its great popularity and presence on other platforms like OKX and HTX, is due to several main reasons related to the strict criteria that Binance follows for listing cryptocurrencies:
* Failure to launch an open mainnet: This is the most important reason. Pi Network has not yet fully launched its open mainnet. This means that the coins traded on platforms like OKX are often "IOU" (I Owe You) or future claims on the coins, and not the real coins that can be freely traded on Pi's blockchain. Binance typically requires that the currency be supported by a stable and effectively tradable blockchain, which is currently not available for Pi Network.
* What does that mean? It means that users cannot freely withdraw Pi coins from their wallets to Binance or vice versa, which contradicts the principles of decentralized trading preferred by major platforms.
* When could it be listed? Binance is expected to list Pi currency only after Pi Network fully launches its open mainnet and proves its stability and security.
* Doubts about the nature of the project and the mining model:
* Mining model: Pi Network relies on a "mining" model via mobile, which is fundamentally different from traditional mining (like Bitcoin) that requires significant computational power. This model, which heavily relies on inviting friends and referrals, may raise some doubts about whether the project is just a pyramid scheme or lacks any real intrinsic value beyond the marketing hype.
* Transparency: The Pi Core team faces some criticism for insufficient transparency regarding the project's progress, the mainnet launch plan, and how coins are distributed. Binance prefers projects with high transparency and those that have a clear roadmap.
* Binance's strict listing criteria: Binance is the largest cryptocurrency exchange in the world, and it follows very strict criteria before listing any new coin to maintain its reputation and protect its users. These criteria include:
* Project feasibility and strong fundamentals: Does the project have real use cases? Does it solve a specific problem? Does it have a strong and effective development team?
* The economic system of the currency (Tokenomics): Is the currency well-designed from an economic perspective? Is there a clear plan for its distribution and withdrawal from circulation (burning)?
* Liquidity and security: Will there be sufficient liquidity for the currency? Is the project safe and reliable?
* Community and real demand: Is there an active and interested community for the currency? Is there real demand for it or is the price affected solely by speculation?
* Legal and regulatory compliance: Binance operates within strict regulatory frameworks in many countries, and it avoids listing coins that might raise legal or regulatory issues.
* Avoiding unsustainable volatility: Binance may avoid listing a coin that experiences significant price increases based on speculation and rumors rather than strong fundamentals, fearing violent and unsustainable volatility that harms investors and the platform's reputation.
In summary, while some platforms have listed Pi Network as an "IOU" to capitalize on the great interest in it, Binance adheres to stricter standards that require the completion of the project's mainnet and verification of its viability and stability before listing it for full trading.