Pi Network has been at the center of attention lately, but not all of it has been positive. Over the past three days, its price has taken a sharp hit, dropping from $2.75 to $1.60, with an additional 7% decline in the last 24 hours. Adding to the turbulence, Vietnamese authorities have issued a warning about Pi’s legal status.
At the same time, speculation is growing over whether Binance will finally list Pi, especially after the network extended its grace period to March 14 – coincidentally, Pi Day.
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Pi’s Recent Price Struggles
After a strong rally that pushed Pi close to $3, the momentum has faded. The last few days have seen a dramatic sell-off, dragging the price down by nearly 50%. Over the past 24 hours alone, Pi has dropped another 7% – which is surprising considering that the broader crypto market has been surging on positive news.
While the initial price drop after launch was driven by a lack of liquidity and a wave of miners cashing out, the reasons behind the latest decline are less clear.
Vietnam’s Warning: A Serious Threat or Just a Reminder?
Vietnam authorities there issued a formal warning, stating that Pi and other cryptocurrencies are not considered legal assets in the country. They also emphasized that using Pi for payments is illegal and could result in hefty fines or even criminal prosecution.
That being said, Vietnam’s laws already prohibit cryptocurrency payments in general. This latest warning seems more like a reminder of existing regulations rather than a direct attack on Pi Network. However, the fact that Pi was specifically named in the announcement has still raised concerns among investors.
Read the full warning here (click to expand)
In recent days, on social media platforms and groups such as Facebook, Instagram, TikTok, etc., numerous posts and comments have been shared regarding the cryptocurrency Pi Network.
Especially after Pi was listed for trading on several cryptocurrency exchanges such as OKX, MEXC, GATE, BITGET, and ONUS on February 20, 2025, it has sparked excitement among the community of Pi miners, raising expectations that its price will continue to rise in the near future, while also attracting interest from new individuals who were previously unaware of Pi Network.
❌ According to Vietnamese law, cryptocurrency in general and Pi in particular are not currently recognized as assets.
Therefore, any issues, disputes, or transactions related to cryptocurrency, including Pi, are highly risky and may not be protected or resolved under the law.
Additionally, according to regulations from the State Bank of Vietnam, cryptocurrency is not considered a means of payment.
As a result, any individual or organization using cryptocurrency in general, or Pi in particular, for payment activities will be subject to penalties under Clause 6, Article 26 of Decree 88/2019/NĐ-CP, as amended by Point d, Clause 15, Article 1 of Decree 143/2021/NĐ-CP (with fines ranging from 50,000,000 VND to 100,000,000 VND), or may even face criminal prosecution under Article 206 of the Penal Code for “Violations of banking operations and other activities related to banking operations.”
Currently, Pi has no practical application, and its current value is self-determined, leading many people to misunderstand the true worth of this cryptocurrency.
Some individuals may take advantage of Pi to engage in illegal activities, such as creating fake Pi tokens to raise funds for fraudulent purposes; developing fake Pi applications to illegally collect user data, gain unauthorized access, or commit fraud to appropriate assets or cryptocurrency in Pi transactions.
🛑 The Cybersecurity and High-Tech Crime Prevention Division of the Hanoi Police Department advises people to exercise caution and thoroughly verify information before investing in Pi Network; be vigilant when engaging in transactions involving the buying, selling, or exchanging of Pi to avoid financial losses and unfortunate incidents.
Do not disseminate, transmit, or post false and unverified information on the internet related to cryptocurrencies, digital currencies in general, and Pi in particular, which may cause public confusion or lead to legal violations.
✍️ Hanoi Police Department
Will Binance Finally List Pi?
Despite recent challenges, the Pi community remains hopeful about a potential Binance listing. Binance held a community vote on whether to list Pi, with 86% of participants voting in favor. Yet, the exchange has remained silent since then.
Some believe that Pi’s recent decision to extend its KYC (Know Your Customer) deadline to March 14 could be a hint that Binance is planning an announcement on that day. Pi Day, which celebrates the project’s anniversary, would be a symbolic time for a major listing.
However, there’s also a chance that Binance is stalling due to regulatory concerns or skepticism about Pi’s legitimacy. Some analysts believe Binance is waiting for the market to stabilize before making a final decision.
The March 14 Deadline: Last Chance for Pioneers
For those still holding Pi, March 14 is a critical date. Pi Network has confirmed that this will be the absolute final deadline for users to complete KYC and migrate their tokens to the mainnet. Any unverified balances after this date will be lost.
Pioneers who fail to complete KYC will only keep the Pi they mined in the last six months before migration. This has created urgency among users, especially since some have faced delays in the verification process.
What’s Next for Pi?
If Binance confirms a listing, Pi’s price could quickly recover and climb back above $3. But if the exchange stays silent or rejects the listing, the downward trend may continue. At the same time, the KYC deadline will determine how many Pioneers actually transition to the mainnet.
Can Pi Network Hit $1,000? The Math Says…
Many investors dream of Pi reaching four-digit prices, but is it realistic? We ran the numbers, considering current supply, market cap potential, and comparisons to other major assets. Read the full analysis here.
