Pi Coin Price Remains Stable Despite Banxa Suspending Transactions and Binance's New Listing Guidelines

After recently hitting a record low, the price of Pi has remained stable between $0.60 and $0.65. Even though volatility has decreased, there are no signs of a strong recovery

Crypto payment platform, Banxa has reportedly put a temporary hold on transactions of Pi Network’s Token, Pi, from March 28.

According to reports, this step has been taken due to Banxa’s “Know Your Business” (KYB) approval process.

The crypto startup, which bought millions of Pi Coin at low prices, may reactivate this service after KYB approval and a better price level.

This move by Banxa has sparked a buzz among Pi Coin investors, who are eagerly awaiting the token’s listing on major exchanges.

Earlier this year, Banxa announced the addition of Pi to its offering, enabling users to buy, sell, and use Pi. At the beginning of 2024, Banxa began buying up millions of Pi at an average price of $0.50-$0.60.

However, after recently hitting a record low of $0.37, the price of Pi has stabilized at a price point between $0.60 and $0.65.

Despite the reduction in volatility, there are no signs of a strong recovery yet, and the crypto token has encountered difficulties in advancing to the next stage of its price increase.

Recently, there has been a flurry of activity surrounding Banxa and Binance, which is both hope-inspiring and worrying for Pi Coin investors.

Let’s take a closer look.

Banxa temporarily halts Pi Coin transactions

Crypto payment platform Banxa has recently halted the transactions of Pi Network’s Token Pi. According to reports, this step has been taken by the crypto startup due to their “Know Your Business” (KYB) approval process.

The crypto startup, which bought millions of Pi Coin at cheap prices, may reactivate this service after KYB approval and a better price level.

This ban has created a state of confusion for Pi Coin users. It is worth noting that this ban has been imposed when there have been recent changes in the Pi Mining Mechanism.

Expectations increased regarding listing on Binance

Two months ago, Pi Network won Binance’s community vote by a huge margin, raising hopes of a listing. But so far Binance has not listed Pi Coin. But on April 25, Binance announced its new listing guidelines, which have again sparked speculation.

The new rules place special emphasis on the project’s strong fundamentals, user adoption, tokenomics, team credibility, and regulatory compliance. For tokens that already have circulation, special importance will be given to trading volume, liquidity, and market performance.

Blockchain integration becomes the biggest challenge

Pi Network’s biggest hurdle is that its token is not active on any of the four major blockchains supported by Binance: BNB Chain, Solana, Base, and Ethereum.

Until Pi Coin migrates to one of these networks or announces a clear timeline, a listing on Binance will be difficult. Technical integration and strong on-chain activity will be crucial for a successful listing.

While Pi Network has achieved some major milestones in recent months, market volatility and technical challenges make its future uncertain.

Banxa’s temporary break and Binance’s strict new guidelines pose new hurdles for Pi Coin. Until the Pi Team addresses these challenges and prioritizes blockchain integration, it is too early to expect a strong recovery or a listing on a major exchange.