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HomeTechnologyCrypto exchange WazirX announces to delist USDC, USDP, and TUSD from spot...

Crypto exchange WazirX announces to delist USDC, USDP, and TUSD from spot trading pairing

WazirX has stopped accepting deposits of the stablecoins USDC, USDP, and TUSD. The Indian cryptocurrency exchange WazirX has stated that withdrawal support for USDC, USDP, and TUSD would be available at 5:00 p.m. IST on September 23rd. The WazirX team also clarified that on September 26 the company will remove the stablecoins from its spot trading pairings.

Following this point, all existing balances of the currencies will be automatically converted into BUSD at a ratio of 1:1. The transition will be finished on or by October 5th, at the latest.

After the auto-conversion deadline passes, users will be able to withdraw USDC, USDP, or TUSD from BUSD balances at a ratio of 1:1 and view the balances of those coins under a BUSD-denominated account balance, according to WazirX, which added that it “may amend the list of stablecoins eligible for auto-conversion.”

Withdrawal support for USDC, USDP, and TUSD

Withdrawal support for USDC, USDP, and TUSD

The dispute that took place between WazirX and Binance over the ownership of the Indian company a month ago led to the decision to move to wider BUSD support on Binance’s platform. The issue, which was sparked when Indian officials began looking into allegations of money laundering involving WazirX and froze up to $8 million in cash as a result of the inquiry,

Notingly, Binance implied in a blog post from 2019 that it had finalised the purchase of the Indian company, but following the announcement of the investigation in India, Binance co-founder and CEO Changpeng Zhao said that his company had never really finished the transaction. The allegation was debunked by Nischal Shetty, the creator of WazirX.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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