The real reason Pi coin has not been listed on CEX: not fully Open Source, lack of third-party security audit, what should be the next steps for development?

Pi Network (PI) reached unprecedented popularity in 2025, boasting a highly active global community, yet it has not been listed on any Centralized Exchange (CEX). Crypto assets analyst Kim H Wong explained in an article on X (formerly Twitter) why Pi coin has not been able to launch on mainstream crypto assets platforms.

Why hasn't Pi coin been listed on CEX?

For years, Pi Network has attracted attention but has failed to launch on CEX exchanges. Most cryptocurrency analysts are skeptical that the core reason for Pi Network's failure to launch is the lack of transparency, but Pi Network has not issued an official statement on this. Therefore, cryptocurrency expert Kim H Wong has listed 3 main reasons:

1. Not fully open source:

Due to its ongoing development phase and concerns over transparency and control, Pi Network has not been fully open-sourced. Pi Network is often criticized by various crypto assets analysts for its lack of transparency in token economics and the project's lack of clarity.

2. Lack of third-party security audits:

Many industry experts express concerns about the lack of independent verification, indicating a deficiency in security and transparency. This makes the Pi Network vulnerable to potential attacks or manipulation, endangering not only the platform's security but also the private information and funds of customers.

3. Pi Network has not applied for listing:

Wong suspects that Pi Network may not have applied for listing on a Centralized Exchange. The rumors and discussions about Pi Network's upcoming listing on the Centralized Exchange have been ongoing, but the Centralized Exchange platform has never released an official statement, nor has the Pi Network project team. Therefore, Pi Network may not have applied for listing on these two exchange platforms.

What is the next step for Pi Network?

Pi Network is committed to building a strong user base to enhance trust within the network, with the ultimate goal of making Pi coin a currency for everyday transactions. To increase adoption, the goal for Pi coin is to create a convenient trading process, potentially achievable through mobile devices. Analysts predict that as the price of Pi Network is expected to rise by 2030, it will achieve long-term success and integration in the future.