Market News

Cryptocurrency exchange Binance is discontinuing its own BGBP cryptocurrency, a stablecoin linked to the value of pounds sterling.

• In a notice on Monday, the company said it is removing a number of trading pairs, including BGBP/USDC (USD coin) on Tuesday at 12:00 UTC.

• This was the final pair listed for the stablecoin and its removal means BGBP will no longer be offered.

• Users are able to exchange any remaining BGBP into U.K. pounds via Binance’s Convert service at a 1:1 ratio.

• Talking to CoinDesk over Telegram, a Binance representative said BGBP had been the exchange’s “first experiment” with a fiat-based stablecoin.

• “It worked but the issuance/redemption process was not the most friendly for users,” they said.

• Going forward the spokesperson said Binance will point users to its GBP fiat onramps where they will receive a “better” service.

• When the token was listed on Binance Jersey (also now discontinued) last summer, Binance CFO Wei Zhou said there was “overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin.”

• BGBP was obviously not the success the exchange had hoped. Binance also has a U.S. dollar-based stablecoin, BUSD, that the representative said has been the “fastest-growing USD-backed stablecoin in the past year.”

• Around $2.4 billion BUSD had been issued in total in September, the representative said, adding there are no plans to drop the coin.