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Wazirx plans to delist 3 stablecoins and the remaining balance will be automatically converted to BUSD.

Cryptocurrency exchange Wazirx has followed 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 23rd to withdraw their stablecoins if they do not want their funds converted.

Wazirx will drop 3 stablecoins and will auto-convert to BUSD by October 5th.

In the first week of September, Binance, the world’s largest cryptocurrency exchange by trading volume, revealed that it would be dropping a number of stablecoins. Binance also mentioned at the time that there would be a certain period of time for customers to withdraw their stablecoins, or that their funds would be automatically converted to BUSD.

On September 19, 2022, cryptocurrency exchange Wazirx announced that it will no longer support USDC, TUSD, and USDP deposits. An announcement made on Monday details that customers will still be able to withdraw the aforementioned stablecoins, but only until Friday, September 23rd.

Wazirx will “support withdrawals in USDC, USDP, and TUSD until 5:00 PM IST on September 23, 2022” and “until 7:30 AM IST on September 26, 2022, USDC , USDP, and TUSD spot market pairs,” the exchange’s announcement said. By October 5th, remaining stablecoin balances on exchanges will be automatically converted to BUSD.

Binance and Wazirx discontinued USDC, TUSD, and USDP because Circle CEO Jeremy Allaire commented on Binance’s decision, and representatives of Trueusd and Paxos supported the idea. Wazirx’s move also follows reports of disagreements the two exchanges had over the alleged acquisition and operations.

Seven days ago, the cryptocurrency exchange announced that India’s Enforcement Department (ED) had abandoned the company’s bank accounts. Indian regulators have revealed that ED officials froze his Wazirx bank account in early August.

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What do you think about Wazirx ending support for 3 stablecoins and automatically converting balances to BUSD? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.

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Wazirx plans to delist 3 stablecoins and the remaining balance will be automatically converted to BUSD.

Source link Wazirx plans to delist 3 stablecoins and the remaining balance will be automatically converted to BUSD.

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