Binance's Refusal to List Pi Network
In the cryptocurrency world, the anticipated listing of Pi Coin on Binance has been met with a delay, despite a strong 86% community vote in favour. Kim H. Wong, a crypto analyst, has identified three key reasons behind this decision.
Firstly, the Pi Network's blockchain code is not open-source. Major exchanges like Binance prefer open-source code, as it enables audits and boosts trust. The lack of transparency raises concerns about the network's technical scrutiny and compliance.
Secondly, there is no verified third-party security audit for Pi Network. This is a critical requirement for exchanges like Binance and Coinbase, as it ensures network security and compliance with regulatory standards.
Thirdly, Pi Network faces concerns due to its centralized governance structure, with the Pi Foundation controlling a significant portion of the network's tokens. Additionally, the network has been flagged as having an MLM-like structure in some regions, complicating its compliance status and legitimacy.
Until the Pi network's code becomes open-source, an independent security audit is conducted, and an official request is submitted, the Pi Network's path to Binance remains blocked. However, no reliable documentation exists to verify if an audit was actually conducted for the Pi network.
The Pi Network's token price has been decreasing for two months, and the lack of an independent security audit is one of the obstacles preventing the Pi Network listing on Binance. The continued inability to list on major exchange platforms may negatively impact the token price.
Analysts believe a listing on Binance could help the Pi Network's token price rebound, potentially stimulating activity and trading volume. A listing on Binance, the world's largest crypto exchange, could provide a significant boost to the Pi Network.
However, the Pi network team has not yet submitted an official listing request to Binance or Coinbase. The Pi network is currently tradable on several centralized platforms but not Binance.
In conclusion, the Pi Network's journey to Binance is being hindered by technical and operational challenges. Until these issues are addressed, the listing on major exchange platforms will remain elusive.
Technology-related concerns and the lack of transparency in the Pi Network's governance structure may deter investing in the cryptocurrency, especially for major exchanges like Binance. The absence of open-source code, a verified third-party security audit, and an official listing request hampers the Pi Network's path to Binance, potentially affecting its legitimacy and trading volume.
