Can you buy or sell Pi coin in Japan? The plain answer for residents

What is Pi Network?

Pi Network became popular as a coin you can "mine" on a smartphone by tapping a button in an app. Its official FAQ describes it as a new cryptocurrency you can mine for free on your phone, and states plainly that Pi is "not free money". Mining does not drain the battery or data beyond a normal app, and it only runs while a 24-hour session is active. The project is run by the Pi Core Team, and members are called Pioneers.

The second defining feature is KYCKnow Your Customer: identity verification. In Pi, you must pass it before moving your mobile-mined balance to the Mainnet.. According to the FAQ, passing KYC lets you migrate your mobile-mined balance to the MainnetPi's production blockchain. Balances moved here become on-chain Pi.. The number you see in the app is not automatically an on-chain coin: you must complete identity verification and a migration step first.

Where does Pi stand now? What official sources say

The project describes phases. In the closed "Enclosed" period the network sits behind a firewall; in the "Open Network"The phase when the firewall comes down and Pi can connect to outside networks and exchanges. period external connectivity is allowed and the Pi Wallet can hold other crypto assets, per the FAQ. Third-party reports date the Open Network launch to 20 February 2025 (we could not confirm the original official post, so treat the date as reported).

• 20 Feb 2025Open Network launch (reported). External connectivity allowed. From third-party coverage.
• 17 Sep 2026KYC and Mainnet migration updates. The Pi blog announced technical fixes for issues blocking KYC applications and migration.
• 15 Oct 2026Ecosystem Summit announced. A three-day online event on 17-19 November, per the Pi blog.
• NextWatch Pi's official channels, and an exchange's own announcements, for any change in listings or KYC.

An April 2026 report attributed to the Pi Core Team cites over 18.1 million KYC-verified users and more than 16.72 million Mainnet migrations. That comes from third-party sites, and we have not confirmed it at the source. The point that matters here is separate: a network being open to the world does not mean a resident of Japan can legally and safely trade it under Japanese rules.

Why can't you buy Pi on a Japanese exchange?

To run an exchange in Japan, a firm must be registered with the FSA as a crypto-asset exchange service provider. Registered firms notifyTell the regulator in advance which coins they intend to offer. the coins they handle and are subject to the self-regulatory rules of JVCEA. When we checked the coin lists of the 14 retail-focused firms on the register of 2026-09-30, PI appeared at none of them. Neither did HYPE, ZEC or XMR.

No exchange has officially explained why it has not listed Pi, so we will not guess. The verified fact is simply that it is not listed. In practice that means you cannot deposit yen and buy Pi, and you cannot send Pi to a Japanese exchange to sell it. To see what you can buy, use the coin guide hub and the registered exchanges page.

Offshore venues that list PI, and why residents should not use them

CoinGecko's ticker list for Pi currently shows the venues in the table. We are not recommending any of them. The point is to explain, venue by venue, why a resident of Japan should stay away.

The FSA sends warning letters to unregistered overseas operators that solicit Japan residents. Bybit has ended service to Japan residents, and Bitget has announced its exit. If you use such a venue, it can stop serving you without notice, and the investor protections that apply to registered Japanese firms do not apply to you. Read more in offshore exchanges and Japan residents and how crypto is regulated in Japan.

Is there any way to cash Pi out for yen?

For a resident of Japan we cannot find a compliant route today. Japanese exchanges do not list Pi and cannot receive it; offshore venues either exclude Japan or have been warned by the FSA. Anyone advertising "Pi to JPY exchange" through social media, ads or private messages should be treated as a probable scam.

We will not suggest VPNs or ways to disguise where you live. Doing so breaks exchange terms, risks the account being frozen with your funds inside, and does not change your tax duties in Japan. Our guide on cashing out crypto to yen covers coins that Japanese exchanges do handle; PI is not among them.

The realistic options are to wait and to watch official announcements. If a registered exchange ever lists PI, it will say so on its own site. Ignore "listing confirmed" rumours on social media.

Pi scams: pre-market IOUs, fake cash-out sites, KYC shortcuts

Pi has a large user base and no easy way to cash out, which is exactly the situation scammers like. Pi's official Safety Center warns that third-party exchanges have listed tokens claiming to be Pi or a Pi derivative without its consent, that anything outside its list of official channels is not official, and that you should enter your wallet passphraseThe phrase that restores your Pi wallet. Anyone who has it can move all your Pi, so never share it. only in the official wallet app.

• "Pre-market" or IOU sales: you pay now for a promise of Pi later. It is not Pi, and nothing guarantees delivery.
• Fake "Pi to JPY" sites: they ask for a fee or tax up front, or for your passphrase.
• KYC fast-tracks: no third party can speed up your verification for a fee.
• Passphrase requests: anyone who gets it can move all of your Pi.
• Investment groups: celebrity or "former employee" accounts pulling you into chats on social media or LINE.

More on how these schemes work is in crypto scams in Japan.

How might Japan tax Pi you mined or received?

The National Tax Agency FAQ says that when you obtain crypto through miningEarning new coins in return for computing work; the value when obtained counts as income., staking or lending, its market value at that moment is income (NTA crypto FAQ). Valuing it requires a market price at the time you got it. Pi has no yen price on a Japanese exchange, so how to value phone-mined Pi is unclear, and we will not give you an answer we cannot support.

Whether Pi from the app counts as income, at what point and at what value, may depend on your circumstances. Record when you started mining, what you had at each stage, the date of KYC and migration, and what you received. Then ask your tax office or a tax accountant who understands crypto. For the general rules see crypto tax in Japan. If you are on a visa that may end, or you might leave the country, read moving to or leaving Japan.

How to check whether an exchange is legit for Japan

1. Is it on the FSA register?

   Check the company name and registration number in the FSA register (PDF). Our registered exchanges page lists the main ones.

2. Has the FSA warned it?

   The FSA publishes warnings about unregistered operators. MEXC, LBank and Bitget appear on them.

3. Does it accept Japan residents?

   Look for Japan in the terms' list of prohibited or restricted countries. If it is there, you cannot use it.

4. Does it deal in yen through a bank account in your name?

   Registered Japanese firms take yen from, and pay yen to, your own Japanese bank account. No yen support is a red flag for residents.

5. Does it promise guaranteed returns?

   Guaranteed profit or guaranteed cash-out is a hallmark of a scam.

If you hold Pi: a checklist

• Write the passphrase on paper, keep it private, and never store it in email, chat or cloud notes.
• Use only the official Pi app and the official channels listed at minepi.com. Type addresses yourself rather than clicking links from social media.
• Ignore every offer of "cash-out", "pre-market" or "KYC help".
• Complete KYC and migration yourself, following the app's instructions.
• Keep a log: when you started mining, balances, KYC date and migration date. It will help your tax accountant.
• Before you send Pi anywhere, confirm that the destination accepts Japan residents. If you are not sure, do not move it.
• If a registered exchange lists PI one day, confirm it on that exchange's own announcement page.

If you live in Japan on a residence card, it also helps to read our crypto guide for foreigners in Japan for how banking, ID and registered exchanges fit together.

Visitors and non-residents

CoinGecko lists CEX.IO among venues for Pi, and CEX.IO's own public data shows PI/USD and PI/USDT pairs. CEX.IO is an international platform with FinCEN MSB registration in the US and an FCA-registered cryptoasset business in the UK, and it accepts Visa, Mastercard, Apple Pay and Google Pay. It is also not registered with Japan's FSA, does not support yen and lists Japan as an unsupported country, so residents of Japan cannot use it. Visitors and non-residents should check their own country's rules.

Pi coin in Japan: common questions

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