Why is Pi Network Delisting on HTX? Is PI Coin a Scam?

Bittime - In the midst of news about the launch of the Pi Network, PI coins were even delisted on HTX. Why is Pi Network (PI) delisted on HTX? Check out the complete explanation, including the latest coin listing schedule in this article!

Please note, this crypto coin mining platform will launch its network on February 20. However, the news of the delisting of PI coins from HTX has made netizens wonder, is Pi Network (PI) a scam? Follow the review here, OK!

Reasons Pi Network (PI) Delisting di HTX

Source: HTX 

Crypto exchange HTX has officially removed Pi Network (PI) from its platform. The crypto exchange stopped trading the PI/USDT pair as of February 13, 2025 at 08:00 UTC. 

Users who have PI on HTX will get their assets converted to USDT with a fixed ratio of 1 PI = 61.28 USDT or around IDR 997 thousand per PI based on the last price before trading stops.

This decision was taken because HTX previously only provided PI trading in the form of IOU (I Owe You). This means that this token is still a promise without an active mainnet. 

Read also: Pi Network: Mainnet Launch Schedule and Listing List on Crypto Exchanges

With Pi Network planning to launch mainnet on February 20, 2025, HTX decided to stop supporting this version of IOU until official mainnet is available. HTX also stated that it would consider re-listing PI after the main network is officially launched.

Is Pi Network (PI) Scam?

Pi Network has been in development since 2019 with the promise of bringing crypto that can be mined easily using mobile phones. However, many people doubt the credibility of this project because:

• The absence of an official mainnet for years

• A mining system whose reward mechanism is not yet clear

• Lack of transparency in roadmap and project development

However, Pi Network developers continue to emphasize that they are building a verified crypto ecosystem. This is thanks to more than 19 million users who have passed KYC verification. 

With the mainnet ready to launch, clarity on the future of Pi Network is approaching.

Pi Network Launches on February 20, 2025

After years of being in the “Enclosed Network” phase, Pi Network finally announced that it will enter the “Open Network” phase on February 20, 2025 at 08:00 UTC. 

In this phase, the Pi network will be open to the public, allowing trading of PI tokens on exchanges that support it as well as use of the tokens for various applications within its ecosystem.

Previously, Pi Network implemented a transition period for users to complete the KYC process and token migration to mainnet. Currently, more than 10.14 million users have completed the migration to the main network, exceeding the initial target of 10 million users.

Read also: Pi Network Launches on Mainnet: How High Will the Price of PI Coin Be?

Pi Network is Ready to List on Several Crypto Exchanges

Although HTX has removed PI IOU trading, several other exchanges are ready to open PI token trading after the mainnet launch. 

OKEx and Bitget have already announced that they will list PI for spot trading once the mainnet goes live. OKEx has even started accepting PI deposits from users.

The price of the PI IOU soared to $86 (around IDR 1.4 million) before falling back to around $61.7 (around IDR 1 million), indicating high volatility ahead of the official listing.

FAQ 

1. Why is Pi Network (PI) delisting from HTX?

HTX removed PI because this token is still in IOU form and does not yet have an official mainnet. Once the Pi Network mainnet is live, HTX will likely re-list PI.

2. Is Pi Network (PI) scam?

Pi Network is still a matter of debate in the crypto community. Some have doubted the project due to the absence of a mainnet for years, but the developers claim that they are building a legitimate ecosystem.

3. When will Pi Network launch mainnet?

Pi Network is scheduled to launch mainnet and enter the "Open Network" phase on February 20, 2025.

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Reference 

Coinspeaker, HTX Delists PI IOU and Converts Holdings to USDT Ahead of Pi Network Mainnet, accessed February 14, 2025.

Cryptopolitan, What is happening with the Pi Network? HTX delists $PI, halts PI/USDT trading, accessed February 14, 2025.

Author: Y