3 Key Reasons Why Binance Says ‘No’ to Pi Network (PI)

TL;DR

• Pi Network’s delayed listing on Binance has reignited debate, with some pointing to missing audits and other factors as reasons for the lack of support.
• PI’s price has been on a steep decline lately, causing members of the community to believe the bull run is over.

PI Doesn’t Seem Ready

It has been almost five months since Binance held a community vote to determine whether its users want to see Pi Network’s native token available for trading on the platform. Despite the overwhelming support from voters and the hints in the following months, the exchange remains reluctant to list it.

The move has sparked frustration within the PI community, with some trying to understand why the company maintains its distance from the coin. Earlier today (July 15), the X user Kim H Wong outlined three important reasons behind the decision.

The first is the project’s blockchain code, which is supposedly “not fully open-sourced.” Not completing a third-party security audit and the assumption that Pi Network might not have applied for such a listing are the other two reasons. 

Wong argued that the project could quickly resolve the first two obstacles, predicting that eventual support from Binance or Coinbase will likely trigger a significant price rally for PI. The analyst also noted Pi Network’s ecosystem development and achievements over the past several months:

“With Pi Network putting in place the $100 million venture fund and Pi App Studio helping App development using AI, there is no doubt that ecosystem prosperity and mass adoption will come. Pi Network has accomplished a lot, its infrastructure is ready, it’s time to accelerate for a bright future ahead.

Fellow pioneers, don’t just worry about the daily price fluctuation, continue contributing and be patient, big reward will come! We have great things on Pi to look forward to.”

Binance Will Never Say ‘Yes?’

Wong’s post was followed by a heated debate about whether Binance and Coinbase will ever embrace PI. The X user pinetworkmembers thinks this won’t happen as long as they can’t run their own nodes on the chain. 

“And the CT will not allow them in any near future. So, forget about PI on Binance or any big exchange,” they added.

The analyst is quite vocal on the topic, often touching upon the dynamics of PI’s price. Just recently, they claimed the asset won’t be able to mark any major gains during this bull cycle:

“I would be the first one who would like to see PI at $10, but that isn’t happening this bull market.”

According to the X user, the factors preventing the valuation from spiking include “no presence of liquidity, increased amount of unlocks, low demand, low buy pressure, and a CT that keeps all the control in their hands instead of accepting the help from decentralized community devs.”