Why Crypto Exchanges Are Hesitant to List Pi Network’s $PI Token

Days after centralized crypto exchange (CEX) giant OKX announced that it will list Pi Network’s native token, $PI, for spot trading on February 20, 2025, at 4:00 p.m. Philippine time, analysts and crypto enthusiasts have voiced their concerns about its potential impact on the industry.

Add to the fact that Binance opted to have a community vote before listing the token.

What’s the Significance? The listing of $PI on OKX has sparked discussions among traders and analysts, as it could influence investment decisions and shape the future of Pi Network’s adoption. (Read more: Pi Network Price Prediction: Can It Reach $314,159?)

Key Details:

OKX’s listing comes after Pi Network announced its transition from the “Enclosed Mainnet” phase—where $PI could not be traded on any exchange—to an Open Network on February 20, 2025.
The move is expected to enable trading and liquidity for $PI holders.

What is Pi Network?

Pi Network is a blockchain-based mining project that allows users to mine crypto using just a mobile phone—for free. It was reportedly founded by a team of Stanford University Ph.D. candidates who designed a mobile-friendly blockchain mining algorithm.

$PI Token: Speculated Price and Market Expectations

Enthusiasts speculate that $PI could be valued at $314,159 per token—a reference to the mathematical constant π (3.14159).
However, experts caution against unrealistic price expectations. (Read more: Pi Network Price Prediction: Can It Reach $314,159?)

Pi Network by the Numbers

19 million identity-verified “Pioneers” (Pi Network’s term for users)
10.14 million Mainnet migrations
100 million+ downloads on Google Play Store

Key Concerns on Pi Network’s Open Network Launch & $PI Listing

Regulatory Risks

Blockchain journalist Colin Wu warns that Pi Network faces regulatory scrutiny, particularly in countries with strict anti-pyramid scheme laws, such as Mainland China.
Wu advises Chinese users to avoid publicly disclosing their involvement in Pi Network due to potential legal risks.

Legitimacy of the Project

Pi Network’s legitimacy has been debated since 2021.
Critics argue that Pi Network’s so-called mining does not involve actual blockchain mining—instead, users simply tap a button to earn $PI.
The referral-based reward system has led some to label the project as a pyramid scheme.

User Concerns

Reports suggest that a significant portion of Pi Network’s users are from Southeast Asia, South Asia, Nigeria, and marginalized communities in Europe and America.
Many users may not fully understand crypto market volatility, potentially leading to panic selling after the OKX listing.
Crypto analyst Predator_fund claims that Pi Network avoided listing $PI on decentralized exchanges (DEXs) because DEX platforms lack accountability for price drops.

Market Impact

Because of its user demographics, many are claiming that Pioneers may not fully understand market volatility and that it could lead to panic selling and the blame could go to OKX once $PI’s price drops significantly after the listing.

This was seconded by Crypto analyst Predator_fund on X, who said that Pi Network does not want to list $PI on decentralized exchanges first because no one from a decentralized platform can be made accountable if something bad happens.

“$PI is a well-known Ponzi scheme. Listing it on OKX could damage the exchange’s reputation.”

@520Starry

“Pi Network’s community includes many elderly investors. If they pour their pensions into $PI without understanding risks, it could cause social problems.”

@xiaomucrypto

OKX’s Competitor Stance:

It should be noted that other CEXs, Bybit and Bitget, already said that they are not listing $PI because of the concerns mentioned earlier.

Bybit CEO Ben Zhou directly said that his exchange will not list $PI: Today, a bunch of people asked me if I wanted to (list) $PI—I said, stop being ridiculous. I used to trade Forex and was always being held up by middle-aged women and men asking them to return my hard-earned money, I don’t want to get involved.
Meanwhile, Bitget reportedly deleted some Pi-related content.