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FollowingA top 100 token, still waiting for the largest exchange
@PiCoreTeam has built one of the largest communities in the crypto industry, and its native token $PI ranks among the top 100 digital assets in the market value. As of writing, CoinMarketCap ranks PI 53rd with a real-time market capitalization of approximately US$1 billion. However, despite its size, the token has so far failed to land on the world's two most well-known exchanges.
PI was first eligible for listing on a U.S. compliant exchange on Kraken in March 2026, and OKX opened trading to U.S. users in May 2026. The token is also available on @Gate and @MEXC. But @Binance and @Coinbase, two platforms critical to mainstream credibility, have stayed put.
Why have Binance and Coinbase been slow to act?
In February 2025, Binance conducted a community vote. The results showed that the support rate was as high as 86.8%, and the number of people voting was about 226,000. However, Binance did not take action based on the vote at the time, and has not made any public commitments since then. Despite strong community support, Binance has not yet launched a PI due to concerns about code transparency, security audits and the degree of decentralization. Coinbase has remained silent, and uncertainty about the PI's legal status is considered a factor it may consider.
Exchanges often prioritize safety, compliance and technology maturity over popularity indicators, and PI is questionable on multiple fronts. Binance generally requires the main network to be fully open source and permission-free, a clear token economy model, real transaction needs, and minimum regulatory uncertainty. Analysts pointed out that PI still has doubts about the amount of circulation supply and how open the ecosystem is.
The problem of oversupply cannot be ignored.
Pi Network's current circulation supply is approximately 10.94 billion PI, the maximum supply is 100 billion PI, and the annual supply inflation rate is approximately 61%. This pace of issuance gives cautious large exchanges more reason to pause before deciding to list.
Pi Network will be listed on the first first-tier exchange in 2026, but prices continue to fall. Now that Kraken and OKX are online, only Binance and Coinbase are still waiting to see, and their silence has become a more analytical fact. Whether the two platforms will eventually act will likely depend on whether @PiCoreTeam can demonstrate greater decentralization, clearer token economy models and regulatory confidence in key markets.
