Wazirx, a crypto asset exchange, has followed Binance's lead by delisting some stablecoins and converting them to BUSD automatically at a 1:1 ratio. Customers of Wazirx have until September 23rd to withdraw their stablecoins, if they do not wish the funds converted.
Wazirx to Drop 3 Stablecoins, and Auto-Convert to USD by October 5
Binance, the largest cryptocurrency exchange in the world by trade volume, announced that it would be dropping some stablecoins during the first week September. Binance noted that customers have a time limit to withdraw stablecoins, or funds will be converted to USD automatically.
The cryptocurrency exchange Wazirx announced that it will no longer accept deposits of USDC, TUSD and USDP on September 19, 2022. On Monday, Wazirx announced that customers could withdraw the mentioned stablecoins until Friday, September 23.
Wazirx will support withdrawals of USDC and USDP and TUSD until 5 PM IST (23 September 2022) and "delist USDC and USDP spot market pairs at 07:30 IST on 26 September 2022," according to the exchange announcement. Any remaining stablecoin balances on the exchange will automatically be converted to USD by October 5.
Binance and Wazirx dropped USDC, TUSD and USDP following comments from Circle's CEO Jeremy Allaire regarding Binance's decision. Trueusd representatives and Paxos supporters also supported the idea. Wazirx's decision to drop USDC, TUSD and USDP follows reports about a dispute between the exchanges over an alleged acquisition.
The crypto exchange announced seven days ago that India's Enforcement Directorate had taken over the company's bank accounts. India's regulatory watchdog discovered in August that Wazirx's bank accounts had been frozen by the ED authorities.
What do you think of Wazirx's decision to withdraw support for three stablecoins, and to convert auto-converting balances into BUSD? Please comment below to let us know your thoughts on this topic.
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By: Jamie Redman
Title: Wazirx Plans to Delist 3 Stablecoins, Leftover Balances Will Be Auto-Converted to BUSD
Sourced From: news.bitcoin.com/wazirx-plans-to-delist-3-stablecoins-leftover-balances-will-be-auto-converted-to-busd/
Published Date: Mon, 19 Sep 2022 22:30:00 +0000
