Binance Is Testing the British Pound Stablecoin

by Albert Kim

Binance, a world-leading crypto exchange is seeking its market portfolio: the platform is testing the British pound stablecoin on the Binance blockchain.

A screenshot posted on Twitter by one of the users, Cryptobatsman shows a listing of BGBP asset on the Binance exchange:

On the comment section of the tweet, the CEO at Binance, Changpen Zhao added his voice, a confirmation that the stablecoin is in the testing stage and added that only £200have been minted.

It is only a month ago that CEO Zhao was under fire after his post of the possibility of transaction roll-back (re-org) that went viral after the recent hack which saw $40million disappear. However, he was quick to calm down the storm by apologizing and adding:

“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.”

Also  Read: China Investigates Illegal Bitcoin Mining Farms

Reputation Management

Towards the end of May, Zhao was in the news again this time on a reputation management mission. He was seeking damages from Sequoia Capital, a Chinese venture capital firm on pretext that they improperly obtained an injunction against him in 2017 thus ruining his business reputation.

The move has been seen by critics as a way of diverting attention from the exchange users after the hack. Seeking compensation from the Chinese firm should not have been top of his to-do-list instead; he should have worked on restoring investor confidence on the exchange.

Geo-Locking the United States

In another surprise move, Binance’s Decentralized Exchange (DEX) has gone ahead with the threat to geo-block the US users and other 28 countries from their website with effect from July. A note on their website states that users with IP addresses links to the geo-blocked countries will not be able to access the DEX portal.

However, existing users can still access their wallets that support the Binance ecosystem for using the DEX. The move has been seen by observers as a precaution to guard the platform against the crypto regulations that have driven some exchanges out of business.

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