Stablecoins USDC, USDP, and TUSD will no longer be listed on WazirX exchange

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Last Updated on September 20, 2022 by Bitfinsider

As of today, WazirX has stopped accepting deposits for the USDC, USDP, and TUSD stablecoins.

The Indian cryptocurrency exchange said that withdrawal support for USDC, USDP, and TUSD would end on September 23 at 5 p.m., IST, at which time all remaining balances of the coins would be automatically converted into BUSD at a 1:1 ratio. By October 5th, the conversion will be finished.

According to WazirX, it “may amend the list of stablecoins eligible for auto-conversion.” Users may withdraw USDC, USDP, or TUSD at a ratio of 1:1 from BUSD balances after the auto-conversion deadline and view those coins’ balances under a BUSD-denominated account balance.

Following a public argument between WazirX and Binance over the ownership of the Indian company last month, the two companies have decided to switch to more BUSD support. A money-laundering probe into WazirX by Indian authorities, which resulted in the freezing of up to $8 million in funds, sparked the disagreement.

Binance claimed in a 2019 blog post that it had acquired the Indian company, but co-founder and CEO Changpeng Zhao claimed after hearing about the Indian probe that the acquisition was never finalized. Nischal Shetty, the founder of WazirX, denied the charge.

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