Pi Coin (PI), the native cryptocurrency of Pi Network, has been listed on another exchange, CoinEx. This news is a big step forward for the project.

But the listing comes at a rough time for the project, as early adopters try to get additional information about where Pi Network gets its money.

Pi Coin Now Available for Trading on CoinEx

On March 18, 2025, PI was formally introduced for trading on CoinEx. The deposit and withdrawal window opened at 11:00 UTC. It allows Pi holders to trade against Tether (USDT). Trading began at 11:30 UTC.

“After thorough checks, CoinEx will list PI (Pi) on March 18, 2025,” the exchange said in a statement.

Pi Coin is now on 12 exchanges, as per Coinranking data. Even with this growth, the possibility of a Binance listing is still not certain.

Binance has not yet confirmed if or when it will list PI, even though 86% of the Pi community supported it. The delay has raised questions about the project’s credibility.

A pioneer wrote on X, ‘Binance not listing Pi, even though 86% of the community voted in favor, makes people question trust in the project.

Pioneers Ask Pi Network To Share Details About Its Funding

As worries about Pi Network grow, another controversy now surrounds the project. A growing number of users are demanding transparency about Pi Network’s funding sources.

A Pi Network pioneer conducted an investigation and found that three companies, 137 Ventures, Ulu Ventures, and Designer Fund, have invested in SocialChain Inc., the company that runs Pi Network. But the investigation showed a major problem: two of these investors do not have Pi Network in their official investment portfolios.

Furthermore, none of these companies have disclosed how much they invested in Pi Network, despite revealing investment details for other projects.

“Why is the Pi Core Team burying the truth under wraps? Transparency is something that pioneers deserve. If Pi Network wants long-term sustainability, the team has to be more transparent about its financial support and strategic alliances, the post said.

Notably, a past lawsuit by former co-founder Vince McPhillip against Pi Network provides additional information about the financing strategies of the project. The complaint listed several allegations, such as intentional and negligent infliction of emotional suffering, breach of fiduciary duty, and wrongful termination.

Still, the project raised money by selling SAFE (Simple Agreement for Future Equity) financial instruments.

The lawsuit claims that in September 2019, Pi Network sold SAFE agreements with a maximum valuation of $20 million. The project raised $500,000 during this fundraising cycle. In February 2020, Pi Network ran another fundraising campaign at the same $20 million valuation, raising an additional $300,000.

Despite the fundraising, the Pi Network community is still worried because there is still a lack of clear financial information.

Pi Coin Price Drops Sharply Amid Market Troubles

Because of these problems, PI’s pricing performance suffers as well. The value of the altcoin has dropped sharply; over the past week, it lost 19.3% of its gains.

The coin has dropped even more in the rankings of cryptocurrencies. On CoinGecko, PI has gone from 12th place to 21st place. The cryptocurrency market as a whole has been going down, but PI’s losses have been bigger. PI was worth $1.1 at the time of writing, which is 16.5% less than it was 24 hours ago.

Source: Coinmarketcap

Despite this, Pi Network’s community participation remains strong, especially through PiFest 2025. This event has already connected 100,000 registered sellers worldwide, with 49,000 people actively participating on the Map of Pi.