Binance Cryptocurrency Exchange Testing British Pound Stablecoin

Major cryptocurrency exchange Binance is apparently testing a British pound stablecoin on its native blockchain, Binance Chain, according to a Twitter post on June 3.

Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform.

Screenshot of stablecoin on Binance Chain. Source: Twitter

Binance CEO Changpeng Zhao has commented on the tweet, confirming that a pound stablecoin is in the testing phase, with only £200 minted.

Zhao came under fire last month for posting about potentially rolling back transactions (re-org) on the exchange after a $40 million hack. Zhao  apologized after the incident, saying:

“Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times.”

Later in May, Zhao reportedly sought damages from venture capital firm Sequoia Capital China on the grounds that they damaged his reputation and business due to an improperly-obtained injunction against him in 2017.

As recently reported by Cointelegraph, Binance’s decentralized exchange (DEX) website will geoblock users in the United States and 28 other countries starting in July. A pop-up on the website notes that attempting to access Binance DEX by its website will not be possible for users with an IP address associated with one of the banned countries; however, users can still avail themselves of wallets that support Binance Chain for using Binance DEX.