The Pi Coin continues its downward trend, hovering around $0.21, far from its peak of $2.98. Recent statements from CZ, the former Binance CEO, shed light on the project’s struggle to secure listings on major exchanges due to regulatory standards and technical fundamentals. The mystery surrounding Pi’s challenges is slowly unraveling.
Written by Simon Dumoulin
Translated on October 16, 2025 at 13:03 by Simon Dumoulin
The Pi Network is going through a difficult period in the crypto market. The token is currently priced at $0.2109, down 2.5% over 24 hours, extending a bearish trend that has persisted for several months. This decline stands in stark contrast to the euphoria that propelled the project to its ATH of $2.98 at launch. The Pi community, despite being massive with millions of users worldwide, has not been sufficient to maintain the bullish momentum.
The buzz around a potential listing on Binance had generated significant momentum. An official poll from the Binance community even showed majority support for integrating Pi Coin on the platform. This prospect fueled hopes of a significant rebound, as a Binance listing represents much more than just getting quoted: It’s a badge of legitimacy that provides access to millions of institutional and retail traders.
Changpeng Zhao recently shared his vision of listing criteria for exchanges, without explicitly mentioning Pi Network. His comments are nevertheless revealing: “Strong projects don’t need to pay or solicit listings, exchanges will compete to list them.” This statement draws a clear line between mature projects and those that still lack robust fundamentals.
CZ emphasized the importance of product development and organic community growth rather than chasing listings. He also detailed the different business models used by exchanges: Listing fees, airdrops, or refundable security deposits designed to protect users against fraudulent projects. He Yi, Binance co-founder, expanded on these explanations, clarifying that marketing fees are used to fund trading competitions and educational content, not to enrich the platform.
These standards reflect a market reality: Binance prioritizes regulatory clarity, operational transparency, and technical robustness. Yet, Pi Network accumulates precisely the gray areas in these three points. The open mainnet is still not fully deployed, on-chain liquidity remains limited, and the actual use of the token outside speculation remains marginal.
Unpopular opinion post:
On Listing “Fees” (saw this a few times recently)
1. If you are a project complaining about listing airdrops or “fees” (to users),
Don’t pay it.
If your project is strong, exchanges will race to list your coin.
If you have to beg an exchange to list,… https://t.co/DtEMb4RdS0
Pi Network’s lag on Binance’s criteria is not just a matter of timing. The project needs to cross several critical milestones before hoping to attract Tier 1 exchanges. The complete migration to an open, auditable mainnet constitutes the number one technical prerequisite. Currently, a significant portion of tokens remains locked, creating uncertainty about the actual supply and future dilution.
Regulatory questions also weigh heavily in the balance. Global financial authorities are increasingly scrutinizing crypto projects, particularly those with characteristics similar to securities. Pi Network must demonstrate its compliance with the various jurisdictions where it operates, a complex exercise when touching millions of users spread across all continents.
Finally, on-chain utilization remains the project’s Achilles heel. A token is only as valuable as its ecosystem of applications and services. Without concrete use cases generating regular transactions, Pi resembles a speculative asset more than a functional cryptocurrency. This reality probably explains why major exchanges keep their distance, waiting for tangible signals of maturity.
#Binance did the biggest betrayal to millions of #PiNetwork pioneers!
First, they asked for voting to list $PI then thousands of pioneers joined @binance and voted. We won the vote!
But till now, there’s no update. Is it under “Non-Disclosure Agreement” or completely rejected?… pic.twitter.com/d6QMNvG96s
💡 Take advantage now to buy Pi Coin on Bitget! Enjoy an exclusive bonus before the next crypto rally!
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