Crypto asset exchange Wazirx is following Binance’s move to delist many stablecoins and automatically convert them to BUSD at a 1:1 ratio.Wazirx customers who convert their funds stablecoins by September 23 if they do not wish to do so.
Wazirx will drop three stablecoins and automatically convert them to BUSD by October 5
During the first week of September, Binance, the world’s largest crypto exchange by trading volume, revealed that it would be dropping a number of stablecoins; Binance also revealed that customers have a certain period of time to withdraw stablecoins or their funds will be automatically converted to BUSD at that noted at the time.
On September 19, 2022, cryptocurrency exchange Wazirx announced that it would no longer support USDC, TUSD, and USDP deposits. Theannouncementpublished on Monday detailed that customers will still be able to withdraw the aforementioned stablecoins, but only until Friday, September 23.
Wazirx will “support USDC, USDP, and TUSD withdrawals until 5 p.m. IST on September 23, 2022,” and “delist USDC, USDP, and TUSD spot market pairs at 07:30 a.m. IST on September 26, 2022,” the exchange announcement stated By October 5, any remaining stablecoin balance on the exchange will be automatically converted to BUSD.
Binance and Wazirx dropped USDC, TUSD, and USDP after Circle CEO Jeremy Allaire commented on Binance’s decision, and Trueusd and Paxos representatives supported the idea Wazirx’s move also follows reports of disagreements the two exchanges have had about the alleged acquisition and operation.
Seven days ago, the crypto exchange said that India’s Executive Directorate (ED) had abandoned its bank accounts. India’s regulatory watchdog revealed in early August that ED officials had frozen Wazirx’s bank accounts.
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