On December 29th of last year, Huobi Global Exchange, XT Exchange, Hotcoin, and CoinW were the platforms that first offered PiCoin on exchanges. The Core Team quickly responded that the listing was illegal and labeled it fake PiCoin instead.
The status of Pi on the platforms remains unaltered despite the Core Team’s response. No one has taken the Pi off the market; instead, they have informed investors of the risks involved in trading such IOU listings.
The listing of Pi on many platforms, including CoinMarketCap, Huobi, XT.COM, CoinW, HotCoin, and even Binance, has been declared not to be for trading. Additionally, Huobi and XT.COM caution that trying to deposit or withdraw the token could result in asset loss.
Pi Core Team’s reaction
The Pi Core team has harshly criticized the exchanges that are said to have listed the coin for trading recently. The Pi Core team says they have not been involved in any listing activities and is demanding that all exchanges delist the token.
To protect all Pioneers and the integrity of the Pi Network, the team has not approved any listings and urges all Pioneers to refrain from taking part.
Pi Network is still in its enclosed mainnet, a build-up to the Open Mainnet launch. Throughout the enclosed mainnet period, the Pi mainnet is live but has a firewall that prevents unwanted external activity. This firewall is a barrier, ensuring no connectivity between Pi and other exchanges or blockchains.
Pi’s enclosed mainnet design means that $PI listing on any exchange is impossible. The listing violates the network’s policies and is a false native Pi token, representing some form of IOU or other derivatives.