W

azirX, India's largest cryptocurrency exchange by total trade, announced that it will no longer accept deposits of the stablecoins USDC, USDP, and TUSD and will convert users' existing balances to Binance's USD-backed stablecoin BUSD at a ratio of 1:1.

The platform will start auto-conversion on or before October 5 and may revise the list of stablecoins qualified for auto-conversion, according to a blog post published on Monday.

While WazirX will accept withdrawals of stablecoins USD Coin (USDC), Pax Dollar (USDP), and True USD (TUSD) until September 23, the exchange has announced that their spot market pairs will be delisted on September 26.

The move is intended to "improve capital and liquidity efficiency for users," according to its blog post, while Binance announced earlier this month that existing USDC, USDP, and TUSD user balances would be automatically converted to BUSD at a ratio of 1:1 on September 29.

While responding to investigations by India's financial crime-fighting agency, which permitted the platform to reinstate banking operations last week, WazirX has been in an ownership dispute with Binance.

Following the Indian government's allegations against Zanmai Labs Pvt., Binance announced its decision to close the off-chain transfer of funds channel with WazirX in August. Ltd., the company that runs WazirX.

Do you think that delisting those exchanges will affect other crypto platforms? Drop your thoughts by sharing this article on social media.

Posted 
Sep 20, 2022
 in 
Crypto News
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