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Is Pi Network (PI) halal?

Questionable

No condition fails, but 2 points remain to be verified or fall under a tolerated case.

Verdict calculated by Halal Bourse's published rules from an investigation of primary sources (project documentation, registers, decisions), conducted on 10/07/2026 and not reviewed by a human.

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The asset

Native currency of the Pi network (layer 1 with FBA consensus derived from the Stellar protocol, mined by phone; mainnet “open” since February 20, 2025) Issuer: No single issuer: the MiCA white paper states that the network is operated by SocialChain, Inc. (Delaware, Palo Alto), which developed the app, launched the token model and oversees protocol development; Pi Community Company (Cayman Islands) holds part of the intellectual property; the Pi Foundation (a Cayman Islands foundation company, created in December 2024) owns PiBit Ltd (British Virgin Islands), which is seeking admission to trading in the European Union. The founders are Nicolas Kokkalis and Chengdiao Fan (named in a 2026 US court order)..

PI pays a fee of 0.01 PI per transaction on its chain and is presented as a payment currency for marketplaces in the Pi ecosystem. PI is mined by users in the app (“Pioneers”) at a rate that depends on their activity, their referrals (“referral team”) and their voluntary lock-ups; the maximum supply is 100 billion PI, of which 80% to the community and 20% to the founding team according to the white paper. A PI mined in the app can be transferred on the mainnet only after identity verification (KYC) and migration. According to CoinMarketCap, 11.24 billion PI were in circulation on October 7, 2026 (rank 67).

Why this verdict

  1. Permissible purpose : met. PI has a documented function: a fee of 0.01 PI per transaction on the Pi chain and a planned means of payment in the ecosystem's marketplaces. The scale of actual use has not been measured by any independent source read (see lacunes).
  2. No riba : met. Holding PI pays nothing in itself: the MiCA white paper states that no right or obligation is attached to the token (no income, no distribution). No loan is involved in the spot purchase. The voluntary lock-ups (“lockups”) that raise the Pioneers' mining rate are covered in autres_constats.
  3. No gambling : met. A spot purchase of PI on the secondary market delivers a token transferable through the buyer's platform; it is not a contract on a price difference.
  4. No excessive gharar : to be verified or tolerated case. The allocation rules are published (100 billion at most; 80% community, 20% founding team; no presale) and the MiCA white paper declares up to 10 billion reserved for the Pi Foundation and 5 billion for a liquidity pool. However, the team's share unlocks at the pace of community mining and “may be subject to additional lock-up through a mandate the team imposes on itself”: neither the schedule nor the control of the corresponding wallets can be verified in the sources read; SocialChain oversees protocol development; the Pi Foundation's executives are not named (only PiBit's sole director is); the MiCA white paper states that no audit has been carried out. The founders are identified; no anonymous party is established, but control of the supply and the treasury remains to be verified.
  5. Real ownership : to be verified or tolerated case. The mainnet has been open since February 20, 2025 (admission on platforms) and the only documented wallet is the Pi Wallet, non-custodial, in the Pi browser: the user holds a secret phrase generated on their phone. But the balance mined in the app becomes transferable on the mainnet only after KYC and migration, and in September 2026 hundreds of thousands of users remained blocked (insufficient transfer fees, verification cases). The MiCA white paper also requires business verification (KYB) for businesses that want to hold non-custodial addresses. For a buyer on a platform, no primary source read confirms that they can withdraw their PI to a personal wallet (an external wallet is presented as planned, not as available, in the official FAQ); secondary sources indicate that deposits and withdrawals go through the Pi Wallet.
  6. No fraud or manipulation : met. No sanction or ruling establishing deception of PI buyers was found; the AMF blacklist returns nothing for “pi network” and the I-SCAN matches are homonyms with no established link. A US class action (Moen v. SocialChain, federal court for the Northern District of California) accuses the founders of false statements about decentralization and undisclosed sales; on January 15, 2026, the court dismissed the securities law claims without leave to amend and the other claims with leave to amend, without ruling on the merits of the fraud. Unadjudicated accusation: information under the Halal Bourse rule, but several allegations converge (see autres_constats) and are left to Halal Bourse's judgment. The GoPlus scan does not apply to a native currency.

Contract security scan

Not applicable: PI is the native currency of its own chain; the starting file lists no contract on another chain. No GoPlus scan was therefore carried out (rule A.8: the scan does not apply to native currencies). The MiCA white paper declares the token contract immutable and without administrative power, a statement not verified.

Opinions found during the research

Opinions reported as read, named for what they are; they do not enter into the calculation of the verdict.

What could not be verified

Sources read

Other cryptos analyzed

General information: neither investment advice nor a fatwa. Verdict calculated by published rules, from financial statements read automatically and not reviewed by a human. Read the methodology