Crypto asset exchange Wazirx is following Binance’s move by delisting a number of stablecoins and converting them to BUSD at a 1:1 ratio. Wazirx customers have until September 23 to withdraw their stablecoins if they don’t want the currency converted.
Wazirx plans to release 3 Stablecoins on October 5th and automatically convert them to BUSD.
In the first week of September, the world’s largest crypto exchange by trading volume, Binance, announced that it would drop several stablecoins. Binance also stated at the time that customers had a limited time to withdraw stablecoins or the funds would be immediately converted to BUSD.
On September 19, 2022, cryptocurrency exchange Wazirx announced that it will no longer support USDC, TUSD and USDP deposits. The notice published on Monday states that customers can still withdraw the aforementioned stablecoins, but only until Friday, September 23.
Wazirx will “support exits from USDC, USDP and TUSD by 5 PM IST on September 23, 2022” and “will cancel USDC, USDP and TUSD spot market pairs at 07:30 AM on September 26, 2022,” the exchange’s announcement said. . On October 5th, any statscoin balances remaining on the exchange will be immediately converted to BUSD.
The fall of Binance and Wazirx USDC, TUSD and USDP follows comments from Circle’s CEO Jeremy Allaire about Binance’s decision and representatives of Trueusd and Paxos supporting the idea. Wazirx’s move follows reports of alleged procurement and operations irregularities at both exchanges.
Seven days ago, the crypto exchange said India’s Enforcement Directorate (ED) had released the company’s bank accounts. India’s regulator said in early August that ED officials had frozen Wazirx’s bank accounts.
What do you think about Wazirx dropping support for three stablecoins and converting accounts to BUSD? Let us know what you think about this in the comments section below.
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