WazirX announced on Sep 19 that they will stop deposits of USDC, USDP and TUSD on Sep 23, then auto convert users’ existing balances into BUSD with 1:1 ratio. The conversion will be completed on or before Oct 5.
After the auto-conversion period, users can withdraw USDC, USDP or TUSD at a 1:1 ratio from their BUSD balances and see their USDC, USDP, and TUSD balances under the BUSD-denominated account balance. The exchange may amend the list of stablecoin eligible for auto conversion, WazirX added.
This news comes after Binace last month denied its ownership of WazirX, despite stating exactly the opposite back in 2019. The dispute started from a money laundering investigation against WazirX by the Indian authorities with frozen funds amounting to $8 million.
However, like WazirX, Binance said earlier this month that it would automatically convert USDC, USDP, and TUSD balances into BUSD to expand liquidity. Binance also completed the integration of BUSD on Avalanche and Polygon, aiming to help BUSD become more popular on different blockchains in the future.
Follow our channels for more crypto news:
- Cryptory Insights: https://t.me/CryptoryInsights
- Cryptory Global Community: https://t.me/CryptoryCommunity
- Facebook: https://www.facebook.com/CryptoryNetwork
- Twitter: https://twitter.com/CryptoryNetwork