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Binance listed RAVE. A few days ago, the token crashed 95%, wiping out billions in market cap, triggering manipulation allegations from ZachXBT and forcing exchange investigations. The same exchange has still not listed Pi Network, a project with 18 million KYC-verified users, a functioning mainnet, and institutional-grade identity infrastructure.Advertisement

The contrast has not gone unnoticed, and the frustration across the Pi community is building.

What RAVE’s Collapse Reveals

RAVE hit an all-time high of $27.94 before collapsing to under $1.50 in less than 24 hours. ZachXBT alleged that insiders controlled over 90% of the token supply and were manipulating prices on centralised exchanges. Binance and Bitget both opened formal investigations. An estimated $43 million in leveraged positions were liquidated during the crash.

The token met Binance’s standard listing requirements. It passed the process. It got listed. It collapsed. Pi Network, by contrast, has been waiting through community votes, public speculation, and months of market anticipation without a confirmed listing on any tier-one exchange.

Also Read: Charles Hoskinson Says XRP Holders Get Nothing When Ripple Succeeds, Here’s Why

Why Pi Is Still Not Listed

The answer, according to Dao World, is more complicated than most people assume. Binance likely did want to list Pi at some point. The exchange hosted a community vote and built public hype around the possibility, something it rarely does without genuine intent behind the scenes.

“Binance has listed plenty of questionable coins,” he noted. “If they didn’t want Pi, they could have simply rejected it.”

More than 20 exchanges, including HTX, initially planned to list Pi for spot trading. Most never followed through. The reason, according to the analysis, is that the Pi Core Team introduced strict KYB (Know Your Business) requirements that exchanges must meet before being granted listing rights. Many simply did not qualify.

“In Pi’s case, the key decision about whether it gets listed still ultimately lies with the core team,” the analyst said.

A Flipped Model

This inverts the standard crypto listing dynamic entirely. Usually, exchanges decide what gets listed. With Pi, the project itself appears to be controlling who gets access, a position of unusual leverage for any token that has not yet secured a major exchange presence.

That selectivity could be interpreted as confidence in the project’s long-term value and a refusal to compromise on compliance standards. It could also be read as the reason Pi’s price has remained suppressed while projects with far weaker fundamentals and far more concentrated supply get listed, pump and crash within days.