The crypto asset exchange Wazirx is following Binance’s move by delisting a number of stablecoins and automatically 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 funds converted.
Wazirx to Release 3 Stablecoins, and to Auto-Convert them to USD by Oct. 5
During the first week of September, the world’s largest crypto exchange by trade volume, Binance, revealed it would be dropping a number of stablecoins. Binance noted that customers have a time limit to withdraw stablecoins, or funds will be converted automatically to USD.
Wazirx, a cryptocurrency exchange, announced on Monday, September 19, 2022 that it no longer supports deposits in USDC or TUSD. On Monday, Wazirx announced that customers could withdraw these stablecoins until Friday September 23, but not before.
Wazirx will “support withdrawals of USDC, USDP, and TUSD till 5 PM IST on 23rd September 2022,” and “delist USDC, USDP, and TUSD spot market pairs at 07:30 AM IST on 26th September 2022,” the exchange announcement notes. Any remaining stablecoin balances on the exchange can be converted automatically to USD by October 5.
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. Wazirx follows similar reports regarding the dispute both exchanges had over an alleged operation and acquisition.
Seven days ago, the crypto exchange said India’s Enforcement Directorate (ED) has relinquished the company’s bank accounts. India’s regulatory watchdog revealed in early August that ED authorities had frozen Wazirx’s bank accounts.
Was Wazirx able to withdraw support for stablecoins, and auto-converting balances into BUSD? Please comment below to let us know your thoughts on this topic.
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