Pi Network's cryptocurrency, Pi Coin (PI), secured another exchange listing with CoinEx this week, reaching a significant milestone amid growing concerns about the project's funding transparency. The listing comes as the cryptocurrency faces a sharp market decline and mounting pressure from community members demanding financial disclosure.
"After rigorous reviews, CoinEx will list PI (Pi) on March 18, 2025," the exchange stated in its announcement. Trading officially launched Tuesday at 11:30 UTC, following a 30-minute window for deposits and withdrawals that opened at 11:00 UTC.
The addition marks Pi Coin's 12th exchange listing according to Coinranking data, expanding its market presence despite ongoing challenges. Users can now trade PI against Tether (USDT) on the platform.
Despite this progress, the project faces significant headwinds regarding a potential Binance listing. Community support for such a move appears strong, with 86% of Pi Network users voting in favor of listing on the major exchange. Binance has yet to confirm whether it will add PI to its trading pairs, raising credibility questions among some community members.
"The failure to get listed on Binance, despite 86% of the community voting in favor, raises serious concerns about public trust in the project," wrote one pioneer on X.
An investigation by a Pi Network user recently revealed that SocialChain Inc., the company behind the project, received investments from three firms: 137 Ventures, Ulu Ventures, and Designer Fund. The probe highlighted that two of these investors have not included Pi Network in their official investment portfolios, while none have disclosed their investment amounts despite providing such details for other portfolio companies.
"Why is Pi Core Team keeping this under wraps? Pioneers deserve transparency. If Pi Network aims for long-term sustainability, the team must be more open about its financial backing and key partnerships," the investigative post stated.
Additional insight into the project's funding emerged from a previous lawsuit filed by former co-founder Vince McPhillip. The legal complaint, which alleged wrongful termination and other claims, revealed that Pi Network raised funds through SAFE (Simple Agreement for Future Equity) agreements. According to court documents, the project raised $500,000 in September 2019 at a $20 million valuation, followed by another $300,000 in February 2020 at the same valuation.
These funding concerns coincide with a significant market downturn for the cryptocurrency. PI has experienced a 19.3% price decline over the past week, dropping from 12th to 21st place in CoinGecko rankings. At press time, PI traded at $1.1, down 16.5% in the previous 24 hours – losses exceeding the broader market decline.
Despite these challenges, community engagement remains strong through PiFest 2025, which has attracted 100,000 registered sellers globally, including 49,000 active participants on the Map of Pi. Social media reports indicate significant participation from communities in Vietnam, Indonesia, and other regions, where users exchange goods and services using PI tokens.
In a notable contrast to market prices, the Pioneer Korea community has reported a consensus valuation of 1 PI at $50, dramatically higher than current exchange rates.