Binance Discontinues UK Pound Stablecoin Calling It Just an 'Experiment'

The exchange is discontinuing its own BGBP stablecoin, an "experiment" that obviously wasn't a success.

AccessTimeIconNov 16, 2020 at 3:54 p.m. UTC
Updated Sep 14, 2021 at 10:31 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.