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A day after the much-anticipated launch of its mainnet and official Pi coin, Pi Network has issued a cautionary statement to its community, warning against unauthorized Pi coin listings on decentralized exchanges (DEXs). The network clarified that, as of now, no DEX has been authorized to list the official Pi coin, making these trading pairs potentially fraudulent and a risk to users’ financial security.
Beware of fake Pi listings on various DEXs. It is important to note that Pi trading pairs currently listed on all DEXs are fraudulent and are likely to be part of a scam which results in loss to you. Pi Network strongly recommends that you refrain from participating in any… pic.twitter.com/XUjYZmYHbR
— Pi Network (@PiCoreTeam) February 20, 2025
Official Listings and Secure Transactions
While nine centralized exchanges have listed Pi coin, Pi Network emphasized that these platforms have undergone verification and are officially recognized. However, the same does not apply to decentralized platforms where unregulated listings have appeared, prompting concerns about fraudulent activities. The network urges users to avoid engaging with these unauthorized listings to safeguard their digital assets.
Open Network Phase and KYB Verification
As of February 20, 2025, Pi Network has entered its Open Network phase, allowing external connectivity for the first time. Despite this development, the official Pi coin remains accessible only through verified businesses that have completed the stringent “Know Your Business” (KYB) verification process. These businesses, authorized to hold Pi Mainnet wallets, are listed on Pi Network’s official website. Users are strongly advised to engage exclusively with KYB-verified entities to ensure the authenticity and security of their transactions.
Past Cases of Unauthorized Listings
Pi Network has previously flagged unauthorized listings on centralized exchanges, including Huobi, which were not affiliated with the official network. These incidents highlight the ongoing risks associated with unverified Pi coin transactions. The network continues to monitor and warn against similar unauthorized listings on DEXs to protect its community from potential scams and financial losses.
Also Read: Pi Coin Crash Incoming? 3 Major Risks That Could Sink Its Price After Mainnet Launch
To maintain a secure trading environment, Pi Network urges its users to verify listings against the official list of KYB-verified businesses before engaging in any transactions. By staying vigilant and avoiding unrecognized platforms, users can ensure a safe and legitimate experience within the Pi ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
