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Crypto Exchange Binance Confirmed to be Evaluating British Pound Stablecoin

Binance, one of the world’s largest cryptocurrency exchange, is said to be evaluating a British pound stablecoin using its own Binance Chain. News of the testing was revealed on a recent Twitter post.

According to reports, a Twitter user named CryptosBatman saw a listing for “$BGBP” on the Binance native chain platform.

Ongoing Testing

Changpeng Zhao, Binance’s CEO, tweeted and confirmed that they were indeed testing a pound stablecoin. He also revealed that they only had £200 minted.

The controversial CEO came under heavy criticism in May for posting about a possible re-org or rolling back transactions on Binance after a shocking $40 million hack job. He later apologized and said that given his propensity for talking, he sometimes says the wrong things. He even called “reorg” as a dirty word and added that he believed the company’s “constant and transparent communication” is what makes them different from companies that follow the conventional way of doing things, particularly during tough times.

CEO Still in the Headlines

He remained in the headlines in May as he also sought to file damages from Sequoia Capital China. He claimed his reputation and company was damaged by the venture firm’s illegally-obtained 2017 injunction against him.

Binance has also been in the news recently. The company’s decentralized exchange (DEX) site has been warning users that they might find themselves blocked depending on their location. DEX is apparently set to geoblock users from 28 different countries, including the US, by July. While a DEX pop-up issued that notice, it also stated that users can still use wallets that support Binance Chain.

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