Pi Coin Listed on CoinEx Amid Market Struggles and Demand for Transparency

The cryptocurrency of the Pi Network, Pi Coin (PI), has been listed on the CoinEx exchange, marking a notable milestone for this project.

However, the listing took place at a difficult time for the project, when pioneers are demanding clarification on the funding sources of the Pi Network.

Pi Coin listed on the CoinEx exchange

PI was officially traded on CoinEx on 18/03/2025. The deposit and withdrawal window opened at 11:00 UTC, after which trading began at 11:30 UTC, allowing Pi holders to trade with Tether (USDT).

"After rigorous reviews, CoinEx will list PI (Pi) on Mar 18, 2025," the exchange announced.

With this latest listing, Pi Coin is now present on 12 exchanges, according to data from Coinranking. However, the possibility of a Binance listing remains uncertain.

Although 86% of the Pi community has voted in favor of a Binance listing, the exchange has not yet confirmed whether it will list PI or not. This has raised concerns about the credibility of the project.

"The failure to be listed on Binance, despite 86% community support, raises serious concerns about public trust in the project," a pioneer wrote on X.

Pioneers demand transparency on Pi Network's funding sources

As concerns around the Pi Network continue to grow, the project is now embroiled in another controversy. Increasingly, users are demanding transparency on the network's funding sources.

An investigation by one of the Pi Network pioneers has revealed that SocialChain Inc., the company behind the Pi Network, has received investments from three companies: 137 Ventures, Ulu Ventures, and Designer Fund. However, the investigation has uncovered a critical issue: two of these investors do not officially list Pi Network in their investment portfolios.

Furthermore, none of these companies have disclosed the amount they have invested in Pi Network, despite publicly sharing details of their investments in other companies.

"Why is the Pi Core team keeping this a secret? Pioneers deserve transparency. If Pi Network wants to be sustainable in the long run, the team must be more open about their finances and key partners," a post wrote.

Notably, a previous lawsuit by former co-founder Vince McPhillip against the Pi Network provides further insight into the project's funding methods. The lawsuit raised a series of allegations, including wrongful termination, intentional and negligent infliction of emotional distress, and breach of fiduciary duty.

However, the lawsuit clearly stated that the project had raised capital by selling financial instruments called SAFE (Simple Agreement for Future Equity).

According to the lawsuit, Pi Network sold SAFE agreements in September 2019 at a maximum valuation of $20 million. In this funding round, the project raised $500,000. A few months later, in February 2020, Pi Network conducted another funding round with the same $20 million valuation, raising an additional $300,000.

Despite these fundraising efforts, the lack of financial transparency continues to raise concerns within the Pi Network community.

Pi Coin sees double-digit price decline

Amidst these challenges, the price performance of PI has also been affected. This altcoin has witnessed a sharp decline in value, losing 19.3% of its gains in the past week.

This decline has pushed the coin deeper in the cryptocurrency rankings, with PI falling from the 12th position to the 21st on CoinGecko. While the broader cryptocurrency market is also facing a downturn, PI's losses are more pronounced. At the time of writing, PI is trading at $1.1, a 16.5% decrease in the last 24 hours.

However, the engagement of the Pi Network community remains vibrant, particularly through PiFest 2025. This event has attracted 100,000 registered participants worldwide, including 49,000 active participants on the Pi Map.

Prominent social media posts highlight the strong participation from the community in Vietnam, Indonesia, and many other places, where users are exchanging goods and services using the PI token.

Notably, the Pioneer Korea community has reported a consensus valuation of 1 PI at $50—a stark contrast to the current market price on exchanges.