CoinEfficiency

WazirX Delists Stablecoins to Promote BUSD, Following Binance's Lead

WazirX, India's largest cryptocurrency exchange, has announced the delisting of three stablecoins to enhance liquidity and promote Binance's BUSD.
Published on 2022-09-20

WazirX Delists Stablecoins to Promote BUSD, Following Binance's Lead

WazirX, India’s largest cryptocurrency exchange by trade volume, has followed Binance’s example by delisting three stablecoins: USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD). This move aims to boost the adoption and value of Binance’s BUSD stablecoin.

Key Details of the Delisting

  • Deposit Services Termination: WazirX has stopped deposit services for USDC, USDP, and TUSD.
  • Withdrawal Deadline: Users must withdraw their balances in these stablecoins by September 23rd.
  • Automatic Conversion: After the deadline, remaining balances will be automatically converted to BUSD at a 1:1 ratio by October 5th.

Binance and WazirX’s Relationship

The relationship between Binance and WazirX began in 2019 when Binance announced the acquisition of WazirX. However, earlier this year, Binance’s CEO suggested users move funds to Binance, revealing that the acquisition was never completed.

WazirX Co-Founder’s New Venture

Nischal Shetty, WazirX’s co-founder, is raising $20 million for a new venture valued at $200 million, indicating ongoing developments in the crypto space.

Significance of the Move

This strategic move by WazirX is intended to enhance liquidity and capital efficiency for users while potentially increasing BUSD’s value in the stablecoin market.

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