TLDR Breakdown

  • Binance exchange is planning to terminate support for the BGBP stablecoin.
  • The stablecoin is pegged 1:1 to the GBP stablecoin.

Binance exchange to terminate its BGBP Stablecoin

Leading cryptocurrency exchange, Binance has announced its plans to terminate support for BGBP, a stablecoin pegged to the GBP, the official currency for the United Kingdom, including Jersey. The last trading pair for the stablecoin will equally be delisted on the exchange. The development follows the recent announcement that the Binance exchange will be shutting down its Jersey branch later this month. The BGBP stablecoin has only lived for less than two years. 

Binance exchange to delists BGBP trading pair

Per the announcement, Binance exchange will delist the last crypto-to-crypto trading pair for the BGBP stablecoin on November 17, at exactly 12:00 PM UTC. After the trading ceases, the users still holding the stablecoin will be provided a convert option to exchange the cryptocurrency directly for GBP. BGBP was Binance’s first fiat-backed stablecoin experience. It was listed on the exchange in July last year and pegged 1:1 to GBP.

Noteworthily, the Binance USD stablecoin (BUSD) has a higher demand compared to the GBP stablecoin. With a circulating supply of 700,001, BGBP market capitalization totaled $924,279 on CoinGecko, ranking as the 967 largest digital currency (#1,229 on Coinmarketcap). Meanwhile, the USD stablecoin has a circulating supply of 661,403,967 BUSD, with a market cap of $661.6 million. BUSD is ranked as the 36th largest digital currency on CoinGecko and 32nd largest on Coinmarketcap. 

Binance to shut down its Jersey branch

The announcement today follows the exchange’s plan to close down its branch in Jersey. As Cryptopolitan reported on October 19, the exchange was launched to facilitate easy fiat-to-crypto currency trading for the European market. Noteworthily, the Jersey exchange was reportedly the main platform that facilitated the buying of the BGBP stablecoin. The decision to discontinue the stablecoin follows the recent update from the UK Treasury that all private stablecoins will be regulated like other payment methods.

This post was last modified on January 6, 2021 12:04 pm