Pi Network has faced several challenges that have prevented its listing on major exchanges like Binance or Coinbase. First, Pi is still in its enclosed mainnet phase, meaning it hasn't fully transitioned to an open blockchain network. This limits its ability to be traded publicly. Second, there is regulatory uncertainty, as Pi Network needs to ensure compliance with various financial regulations before it can be listed. Lastly, exchanges prioritize tokens with high liquidity and demand, which Pi hasn't fully demonstrated due to its early-stage development and restricted trading environment.