A spokesperson of Binance claimed that BGBP was the exchange’s first experiment with a fiat-backed stablecoin and was more of a proof-of-concept. One of the major reasons for discontinuing the stablecoin was that the issuance/redemption process associated with it was not users friendly.

Users will still be able to exchange any remaining BGBP into UK pounds through Binance’s Convert service. Interestingly, Binance also has a US dollar-based stablecoin, BUSD which is performing really well. It is reported that BUSD was one of the fastest-growing USD-backed stablecoin in the past year. Around $2.4 billion BUSD had been issued in total in September, according to the Binance spokesperson.

According to data provided by CryptoQuant, a total number of 18,652 bitcoin, worth nearly $300 million, was transferred from Huobi to Binance in the last couple of days. This is a result of the Chinese government’s cracks down on several crypto exchanges operating in China.

Earlier this year, Binance applied for an operating licence in Singapore under the new payment legislation. Binance has set up an office in Singapore and is backed by the venture capital arm of Singapore’s Temasek.

Binance co-founder and chief executive Zhao Changpeng, told the media in a phone interview, “We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”

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Currently, Diginex is operating in Singapore under a temporary exemption from licensing.

Reportedly, Diginex would introduce an “easy to use” interface for retail investors as well as managed account features designed to improve collateralisation processes.

The cryptocurrency exchange launched by Diginex is called  EQUOS.io, and will be based in Singapore, rather than Hong Kong. The new exchange will provide cryptocurrency spot trading as well as more complex products.

According to Diginex chief executive officer Richard Byworth Singapore’s regulatory environment made it a more suitable location for the exchange than Hong Kong.

He told the media, “Singapore was a bit more flexible in the way that they were thinking about things. On the more interesting edge of (cryptocurrency)derivatives, we have seen a more limited product set come to market because we are constrained by the infrastructure.”

Singapore is considering allowing payment through cyrptos such as Bitcoin and Ether by allowing them to be traded on local exchanges and for such activities to be regulated. This is in light with the growing interest among foreign investors in cryptocurrencies.

Over 150 cryptocurrency companies that were previously operating in Singapore, including Diginex, have had to apply for licences by 28 July.

Diginex is also planning to list on the Nasdaq exchange in September, according to Richard Byworth. The listing is expected to be made through a $300 million reverse merger with the acquisition of 8i Enterprises Acquisition, a Nasdaq-listed company.

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