Crypto exchange Binance has decided to delist its stablecoin BGBP.
The crypto, which is pegged to the pound sterling in a ratio of 1:1, will be delisted from the exchange tomorrow, according to the announcement shared by Binance.
The BGBP was launched on the platform in July last year.
It should be noted Binance will also withdraw the last trading pair of the stablecoin: the BGBP/USDC.
According to a platform spokesman, the BGBP was Binance's first experiment with a stablecoin backed by fiat money, and was "more of a proof-of-concept." He added that while the experiment has been successful, "the issuance/redemption process was not the most friendly for users", which is the reason why the platform has decided to delist the stablecoin while leaving other fiat on-ramps that offer GBP.
As a comparison, BGBP was issued directly by Binance, unlike BUSD, which is a white label of Paxos stablecoin and has a simpler redemption process than BGBP.
Some of the possible reasons behind the withdrawal of the crypto may be the lack of demand or the closing of Binance Jersey later this month, which the main platform where users could purchase the currency.
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