Pi Network has encountered several obstacles that have delayed its listing on major exchanges like Binance or Coinbase:
1. Enclosed Mainnet Phase: Pi is still in its restricted mainnet phase, meaning it hasn't yet transitioned to a fully open blockchain network, limiting its ability to be traded on public markets.
2. Regulatory Uncertainty: The Pi Network must ensure it complies with various financial regulations, which has slowed its ability to be listed on major exchanges.
3. Liquidity and Demand: Exchanges like Binance prioritize tokens with proven liquidity and demand, which Pi hasn't demonstrated yet due to its early-stage development and limited trading environment.
