The main reasons for the refusal to list Pi are:
1. The project has existed for 6 years, but after 6 years, 85% of miners have not received Pi tokens. Nicolas has intentionally made miners stuck at item number 9 or made it so they could not receive KYC slots mysteriously for 6 years.
2. Pi has made false announcements. In 2024, Nicolas claimed that there were 100 Dapps ready for the open mainnet, but currently, he is resorting to domain name auctions to hide the fact that there are not many Dapps as announced.