Few cryptocurrencies are searched for so often – and understood so little – as Pi. Many people tapped the app every day for years, invited friends and built up a Pi balance, often without knowing whether it would ever turn into real money. Pi has been tradable on exchanges since February 2025. Since then, three questions keep coming up: what is my Pi worth in francs? How do I get my money out? And whom can I trust?
The short answer for Switzerland: PI trades far below its February 2025 peak – the converter above shows what one Pi is worth in francs today. No Swiss bank or Swiss app offers PI. The clearest way to sell is through Kraken – provided your Pi has passed KYC and migration. And nowhere are scammers as busy as around Pi. If you started mining Pi before moving here, or friends back home keep asking about it, this page takes you through everything step by step.
What Pi Network is
Pi Network was launched on 14 March 2019 by two Stanford graduates, Nicolas Kokkalis and Chengdiao Fan. The idea: a cryptocurrency for everyone, "mined" on a smartphone. It has little to do with mining in the technical sense. Your phone does not compute anything; you confirm your activity in the app once a day and are credited with Pi, more if you invite others.
For years these Pi were just a balance inside the app. On 20 February 2025 Pi opened its The actual public blockchain network on which coins really exist and can be transferred – as opposed to a test or closed network. to the outside world ("Open Network"): since then PI can be moved to external exchanges and traded. According to CoinGecko the maximum supply is 100 billion PI, of which only a fraction is in circulation so far.
What is Pi worth in Swiss francs?
The start was spectacular, and so was the fall. The key dates:
- 14 March 2019
The Pi app launches; Pi can be collected on a phone but not traded.
- 20 Feb. 2025
Open Network: PI can be traded on exchanges for the first time.
- 26 Feb. 2025
All-time high of USD 2.99, about CHF 2.67 (CoinGecko).
- 31 Dec. 2025
Price around USD 0.20, roughly CHF 0.16.
- 14 July 2026
All-time low of USD 0.071.
In practice: if you collected 1,000 Pi, they would have been worth about CHF 2’670 at the February 2025 peak and about CHF 160 at the end of 2025. The converter at the top of this page works out the current value.
A second point is often overlooked: thin liquidity. According to CoinGecko, PI trades in comparatively small volumes, mostly against USDT on exchanges such as OKX, Gate and Bitget. Selling a large amount in one go pushes the price down.
KYC and mainnet migration: why your Pi is stuck
Before you can move your Pi, you have to clear two hurdles. First, verification in the Pi app, with an ID document and a liveness check. Second, migration: only after that are your collected Pi transferred from the app to your own Pi wallet on the mainnet.
This is where many users have been stuck for years. In an official blog post in September 2026, Pi said that more than 417,000 users could move forward again after a fresh review for duplicate accounts. Around 497,000 others were stuck at migration because they had a so-called fast-track wallet and lacked the Pi needed for the network fee; Pi announced an update to fix this. It also said it was trialling palm-print recognition for users with "tentative" KYC status and had adjusted the liveness check to work on older phones.
What you can do: open the KYC app regularly, repeat any liveness checks requested and retry failed migrations. Never pay anyone for "faster KYC" – such offers are scams.
Where to buy and sell Pi
Pi keeps an official list of companies that have passed a Know Your Business: Pi's check of a company before it may operate a Pi wallet on the mainnet. review. It lists twelve names: Kraken, OKX, Bitget, Gate, Pionex, Onramp.money, Onramper, Zypto, LBank, TransFi, MEXC and Banxa. Pi explicitly advises against dealing with businesses that claim a mainnet wallet but are not on the list.
| Provider | PI trading | On KYB list | Swiss francs | For Swiss residents |
|---|---|---|---|---|
| CEX.IO | PI/USD, PI/USDT per API | contract with a Nevis company | ||
| Kraken | PI/EUR | SIC, free | ||
| OKX, Bitget, Gate, MEXC | PI/USDT | not confirmed | ||
| Swissquote, PostFinance, SwissBorg, Yuh | – | no PI |
- CEX.IO has been operating since 2013; group entities are registered in the US (FinCEN) and the UK (FCA), but Swiss residents contract with CEX OVRS LLC in Nevis, which names no regulator. CEX.IO's public trading interface lists PI/USD and PI/USDT pairs; we found no product page for them, and CEX.IO is not on Pi's KYB list. We could not confirm that deposits from a Pi wallet work (CEX.IO review).
- Kraken is the clearest route for Swiss residents: KYB-verified, a PI/EUR market and free Swiss franc deposits by SIC via Bank Frick. On Kraken Pro you pay 0.40% maker and 0.80% taker. Swiss customers contract with a British Virgin Islands company (Kraken review).
- OKX, Bitget, Gate and MEXC carry most of the PI volume and are on the KYB list, but hold no Swiss authorisation. We could not confirm that they serve Swiss residents without restriction.
- Swiss providers do not offer PI: not Swissquote, not PostFinance, not SwissBorg, nor Yuh, Lucerne Cantonal Bank or Mt Pelerin. There is no Pi ETP on SIX either.
Selling mined Pi: step by step
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Finish KYC and migration
Your Pi needs to sit in your Pi wallet on the mainnet. A balance shown only inside the app cannot be sold.
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Open an account at a KYB exchange
Kraken, for example. You verify with an ID document and proof of address in Switzerland.
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Get your PI deposit address
Choose 'deposit PI' and copy the address. Check whether a memo is also required – without it, the deposit can be lost.
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Send a small test amount
Send a few Pi from your Pi wallet first and wait until they are credited. Only then send the rest.
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Sell and withdraw
Sell PI for euros, convert to francs if needed and withdraw to your Swiss bank account. Note the date, amount and price – for tax.
General tips on moving crypto proceeds to a Swiss bank account are in our guide to cashing out crypto in Switzerland.
Besides Pi, want to buy established cryptocurrencies with Swiss francs or euros?
Operating since 2013Group registered with FinCEN (US) and the FCA (UK)
Buying Pi: an honest assessment
If you have not mined any Pi, you can also buy PI on the exchanges above. Whether that makes sense is your call – we do not give investment recommendations. A few facts help: PI has lost about 97% since its peak, trading volume is low for a cryptocurrency valued at over USD 800 million, and most of the coins issued are not yet in circulation. As more Pi are migrated and unlocked, more supply reaches the market.
On the other hand, the project is visibly still working: Pi regularly publishes updates, for example on stablecoins in its ecosystem, and organises online events such as an "Ecosystem Summit". If you collected Pi, there is nothing to be embarrassed about – just do not expect miracles. Our overview of the top cryptocurrencies covers more established projects.
Pi scams: how to protect yourself
Your Pi wallet is secured by a 24-word passphrase, the A list of words that can fully restore a wallet. Anyone who knows it controls all the coins in it.. Anyone who knows it can drain your Pi within seconds – irreversibly. Almost every Pi scam is after it.
- Never share your 24-word passphrase – not with 'buyers', not with 'support', not with any 'wallet validation' website.
- Distrust buyers in Facebook, Telegram or WhatsApp groups who offer far above the exchange price.
- Only download the Pi app from the official App Store or Google Play, never via links in chats.
- Only sell through companies on Pi's official KYB list.
- Never pay fees for supposedly faster KYC or migration.
Authorities have issued warnings too. In Vietnam, Hanoi police among others pointed out in 2025 that Pi has no legal status as an asset there and that fake Pi apps are circulating. In China, according to media reports, "π coin" was named in a warning about illegal fundraising at the end of 2025. In February 2025 the head of the Bybit exchange publicly called Pi a scam, which Pi rejected. We found no Pi-specific warning from FINMA. How to spot dubious platforms is covered in our guide to crypto scams in Switzerland.
Tax on mined Pi
The Swiss Federal Tax Administration (FTA) has not issued anything specific on Pi. Its working paper on cryptocurrencies does, however, cover two related cases: mining rewards are taxable income, and coins allocated for free through airdrops are income from movable assets, valued at market value when allocated.
Pi does not fit neatly into either box. Until February 2025 there was neither a market price nor any way to dispose of the coins. It therefore seems logical to use the moment your Pi became freely available in your mainnet wallet and declare the price at that moment as income. That is our assessment, not an official position. For small balances this is often a matter of a few francs; for large holdings, asking your cantonal tax office is worthwhile.
Wealth tax is clearer: PI held on 31 December goes in the securities list (Wertschriftenverzeichnis). The FTA price list did not include PI for 2025; in that case the FTA accepts the price on a leading trading platform. On 31 December 2025 it was about CHF 0.16. A later gain on sale is tax-free for private investors. More in our Swiss crypto tax guide and our guide to declaring crypto on your tax return.
Our verdict
Pi Network is not a phantom: there is a network, a wallet and a market. But that market values one Pi at a small fraction of its 2025 peak, Swiss providers keep their distance, and KYC and migration remain a test of patience for many users. If you collected Pi, finish the migration first, then decide calmly whether to sell or hold – and guard your passphrase like the key to a safe. If you are new to crypto, you are better off starting with an established cryptocurrency such as bitcoin and a wallet of your own.
