What is happening with the Pi Network? HTX delists $PI, halts PI/USDT trading

Crypto exchange HTX has officially delisted the Pi Network token ($PI), halting trading services for the PI/USDT pair as of 08:00 UTC today. Affected users will have their PI holdings converted into USDT at a fixed rate of 1:61.28, based on the final halt price of PI. 

According to the exchange’s official blog, once the conversion is completed, an additional announcement will be issued. HTX also stated that it will reconsider listing PI once the Pi Network successfully launches its mainnet. Until then, trading services for the token on HTX remain unavailable.

HTX has delisted $PI and ceased the trading services for the PI/USDT trading pair from 08:00 (UTC) today and will convert affected users' $PI holdings to $USDT.

Additionally, HTX will soon support the mainnet launch of Pi Network (PI).

🔗https://t.co/SooXfQsKdw pic.twitter.com/KKwbAz16tx

— HTX (@HTX_Global) February 13, 2025

Pi Network is set to transition from its “Enclosed Network” phase to the Open Network period of Mainnet on February 20, 2025, at 08:00 UTC. The platform has reportedly surpassed 10.14 million mainnet migrations, exceeding its initial goal of 10 million, following recent updates introduced in its development roadmap.

Crypto exchanges move to list PI

Since the start of the Mainnet Phase 3 in December 2021, Pi Network has operated under what developers coined as an “enclosed environment with restricted external connectivity.” 

The project developers insist that this period allowed users, known as “Pioneers,” to complete Know Your Customer (KYC) verifications, migrate their holdings and engage with early applications within the Pi ecosystem.

Pi has been in development since 2019, and the six-year wait has prompted critics, including some news publications to say it seems “fraudulent.” Until recently, the development team had not issued any information on when its mainnet will launch, which gave naysayers even more reason to doubt the project.

The network now claims to have over 19 million identity-verified Pioneers, positioning itself as an ecosystem with real-world cryptocurrency applications.

Despite the queries and the “inconsistent” updates from the platform’s developers, some exchanges like OKX and Bitget, announced they will list PI on spot trading markets. The former is already accepting deposits, while the latter, much like HTX, will list the token after the mainnet launch.

Exchanges are also offering IOU-based trading for PI tokens. These IOU tokens function as placeholders, allowing users to trade anticipated assets before their official issuance.

Following OKX’s listing announcement, PI’s IOU price surged nearly 80% in a day to trade at $86, but quickly retreated back to the $60 price level, according to CoinGecko data. The token is currently priced at $61.7, reflecting a 53% increase over the past week, and a 23% downtick in the last 24 hours.

Is PI a scam?

Crypto enthusiasts on social media have been debating on the likelihood that Pi has been a “scam token” in the making, in part because of the numerous revisions made on its roadmap.  

The platform introduced a revised mining rewards model in March 2022, implementing an exponential decline formula aimed at balancing network growth, accessibility, longevity, and token scarcity. 

To further accelerate the transition to an open network, Pi Network enacted a grace period on July 1, 2024, which limited unverified Pi from migrating beyond a rolling six-month KYC window. This measure was designed to encourage faster KYC participation while ensuring only verified Pioneers could move their assets to the mainnet. 

Several successive extensions have seen the grace period now pushed to February 28, a week after the open mainnet will supposedly launch.

Further concerns have emerged regarding KYC verification. This is rampant among Chinese traders. According to several reports, many users in China have encountered limited verification slots or systemic difficulties when attempting to complete the KYC process. 

With Pi Network’s mainnet launch drawing nearer, some traders worry that even if they begin verification now, they may not be approved in time to participate in the upcoming market activity.

This thing is taking too much time. Any idea how much tie it takes usually? pic.twitter.com/8E5wi3AXlg

— XFusion 🇵🇰 (@XFusion_) February 13, 2025

Pi Network maintains that KYC verification is essential for both individual and business participants in its ecosystem to create a “safe Web3 space” where verified Pioneers can engage with external networks using their PI holdings.

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