Binance announced the closure of the BGBP stablecoin project

The management of the Binance cryptocurrency exchange decided to close the BGBP stablecoin project and delist the BGBP / USDC trading pair.

According to a Binance spokesman, access to the BGBP stablecoin, backed by British pounds in a 1: 1 ratio, will be terminated today, November 17. The BGBP project, launched in July 2019, was more of a site experiment and “proof of concept”.

“The project worked successfully, but the process of issuing and disposing of tokens was not very user-friendly. To provide our clients with the best experience, we are closing BGBP, and users will be able to work with the British pound directly, ”- said the representative of the site.

Users who have BGBP tokens in their accounts will be able to exchange them for fiat currency using the Convert function available in their account. At the moment, the capitalization of BGBP is only £ 700,000. For comparison, the capitalization of the BUSD stablecoin reaches $ 662 million.

Recall that earlier the Binance exchange announced the closure of its Jersey division as part of a business reorganization. It was this platform that was mainly used to buy the BGBP stablecoin.

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