WazirX Delists USDC Stablecoin and Auto-Convert User Holdings to BUSD
Indian cryptocurrency exchange, Wazirx appears to be following in the footsteps of Binance by delisting several stablecoins and automatically converting them to BUSD at a 1:1 ratio. Wazirx customers have the window open till September 23 to withdraw their stablecoins if they do not wish their funds converted into BUSD.
Wazirx Plans to Drop 3 Stablecoins and Auto-Convert Them to BUSD
The world’s largest crypto exchange, Binance, revealed it would
be dropping several stablecoins in the first week of September. Binance
also said that customers will be given a certain period to withdraw the
stablecoins, or the funds will be automatically converted to BUSD.
On September 19, 2022, the Indian cryptocurrency exchange Wazirx
said it would no longer support deposits for USDC, TUSD, and USDP. The announcement published
on Monday details that customers can withdraw the stablecoins until Friday,
September 23, if they do not want an auto conversion to BUSD.
Wazirx will "support withdrawals of USDC, USDP, and TUSD
till 5 PM IST on September 23," and "delist USDC, USDP, and TUSD spot
market pairs at 07:30 AM IST on 26th September 2022," the exchange
announcement notes. On October 5, stablecoin balances left on the exchange will
be automatically converted to BUSD.
Binance and Wazirx dropping USDC, TUSD, and USDP
follow commentary from Circle’s CEO Jeremy Allaire about Binance’s decision,
and TrueUSD and Paxos representatives supporting the idea. The move by Wazirx
also follows the reports concerning
the disagreement both
exchanges had about an alleged acquisition and operations.
Seven days ago, the crypto exchange said India’s
Enforcement Directorate (ED) had relinquished the company’s bank accounts. In early August, India’s regulatory watchdog revealed that ED had frozen Wazirx’s bank accounts.
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