- Existing user balances in these coins will be automatically converted to BUSD.
- On September 26, spot market pairings for all three stablecoins would be delisted.
Indian cryptocurrency exchange WazirX has just stated it would be delisting three stablecoins. USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD). Existing user balances in these coins will be automatically converted to BUSD.
The exchange stated:
“WazirX has stopped deposits of USDC, USDP, and TUSD, and we will not support any new deposits. To enhance liquidity and capital efficiency for users, WazirX will implement BUSD Auto-Conversion for users’ existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio.”
Specifically, the exchange said that beginning at 5 PM IST on September 23, withdrawals of USDC, USDP, and TUSD will be halted. And that on September 26, spot market pairings for all three stablecoins would be delisted.
Users’ current USDC, USDP, and TUSD balances will be converted automatically “on or before 5th October,” WazirX said. Moreover, it was just two weeks ago that Binance made headlines for delisting USDC and two other stablecoins in very identical language to what was used today. This modification, the exchange stated, was made in order to “to enhance liquidity and capital efficiency for users” and reserved the right to “amend the list of stablecoins eligible for auto-conversion.”
Also, this follows Binance’s recent denial that it owns WazirX, after having said the reverse earlier in 2019. Binance founder Changpeng “CZ” Zhao said on Twitter at the beginning of August, “this transaction was never completed.” This was in response to a 2019 report that Binance had acquired WazirX for up to $10 million.
Nischal Shetty, a co-founder of WazirX, reacted angrily to Zhao’s remarks. The co-founder claimed that CZ and the other co-founders own Zanmai Labs has a license from Binance to run INR-crypto pairings on WazirX.
Recommended For You: