Pi Network has not been listed on major exchanges like Binance or Coinbase for several reasons.
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1. **Enclosed Mainnet**: Pi Network is still in its enclosed mainnet phase, meaning it hasn't fully moved to a public blockchain. This limits its ability to be traded on open markets.
2. **Regulatory Uncertainty**: Pi Network must ensure it complies with financial regulations before being listed. There is still uncertainty around its legal standing.
3. **Low Liquidity and Demand**: Major exchanges usually list tokens that have high liquidity and demand, but Pi has not yet demonstrated this, as it's still in early development and trading is restricted.
