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Wazirx Plans To Delist 3 Stablecoins, Leftover Balances Will Be Auto-Converted To BUSD

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Wazirx Plans To Delist 3 Stablecoins, Leftover Balances Will Be Auto-Converted To BUSD

The crypto asset exchange Wazirx is following 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 23 to withdraw their stablecoins if they don’t want the funds converted.

Wazirx Plans to Drop 3 Stablecoins and Auto-Convert Them to BUSD by October 5

During the first week of September, the world’s largest crypto exchange by trade volume, Binance, revealed it would be dropping a number of stablecoins. Binance also noted at the time, that customers had a certain period of time to withdraw the stablecoins or the funds would be automatically converted to BUSD.

On September 19, 2022, the cryptocurrency exchange Wazirx said it would no longer support deposits for USDC, TUSD, and USDP. The announcement published on Monday details that customers can still withdraw the aforementioned stablecoins but only until Friday, September 23.

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Wazirx will “support withdrawals of USDC, USDP, and TUSD till 5 PM IST on 23rd September 2022,” and “delist USDC, USDP, and TUSD spot market pairs at 07:30 AM IST on 26th September 2022,” the exchange announcement notes. By October 5, any stablecoin balances left on the exchange will be automatically converted to BUSD.

Binance and Wazirx dropping USDC, TUSD, and USDP follow commentary from Circle’s CEO Jeremy Allaire about Binance’s decision, and Trueusd and Paxos representatives supporting the idea. The move by Wazirx also follows the reports concerning the disagreement both exchanges had about an alleged acquisition and operations.

Seven days ago, the crypto exchange said India’s Enforcement Directorate (ED) has relinquished the company’s bank accounts. India’s regulatory watchdog revealed in early August that ED authorities had frozen Wazirx’s bank accounts.

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What do you think about Wazirx dropping support for three stablecoins and auto-converting balances to BUSD? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: sdx15 / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Circle CEO, Paxos, And Trueusd Speak On Binance’s Stablecoin Auto-Conversion Decision

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Circle CEO, Paxos, And Trueusd Speak On Binance’s Stablecoin Auto-Conversion Decision

On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.”

Circle’s Jeremy Allaire Thinks Binance’s Forced Stablecoin Conversions Will Likely Lead to More USDC Flowing to the Exchange

Circle’s CEO Jeremy Allaire spoke about Binance’s recent move to “enhance liquidity and capital-efficiency for users” by removing a number of stablecoin trading pairs and auto-converting USDC, USDP, and TUSD stablecoins at a 1:1 ratio to BUSD. Both Circle and Coinbase are the firms behind the Centre consortium, the issuer and custodian of usd coin (USDC) and euro coin (EUROC). Allaire believes the forced conversions have sparked a number of “misleading headlines and interpretations.”

Allaire further stressed that Binance is “not ending support for USDC, and [the] change will likely lead to more USDC flowing to Binance.” The Circle CEO noted that a trading platform unilaterally converting existing customer assets would not work in a regulated U.S. market, and he would not have handled the situation in this way. Allaire said that Binance is attempting to consolidate dollar liquidity using cash equivalent stables. He further remarked that Binance could not do the switch with tether (USDT), at least right now, as Allaire thinks it would be too disruptive. Allaire opined:

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Binance is trying to consolidate dollar liquidity w cash equivalent stables. That’s good for liquidity and market depth. [Tether] is NOT cash equivalent — not even close. Binance can’t do this now / yet w [tether] as it would be too disruptive given current [tether] liquidity on Binance.

Trueusd Addresses Binance’s Auto Conversion Move — Paxos Says Decision Is a ‘Positive Step for the Safety of Its Customers’

In addition to Allaire’s commentary on Tuesday, Trueusd, the issuer of TUSD, tweeted about Binance’s decision as well. “TUSD will support Binance as always and have more cooperation with [the] Binance ecosystem,” the official Trueusd Twitter account wrote. “Binance will maintain multi-chain TUSD deposit and withdrawal support on their exchange for all the following token standards.” For his part, Allaire thinks that with Binance consolidating its dollar books, ​​it will “now be easier and more attractive to move USDC to and from Binance for trading core markets.”

Paxos, the issuer of USDP, also chimed in on the conversation concerning Binance’s recent move toward liquidity consolidation. “Binance has made a positive step for the safety of its customers by pushing to support [BUSD primarily],” Paxos wrote on Tuesday. “Unlike competing stablecoins, BUSD is regulated by NYDFS which sets rules and monitors compliance with those rules.”

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Auto-Conversion, Binance, Binance BUSD, Binance USDC, Binance’s BUSD, BUSD, Centre Consortium, Circle CEO, Circle Financial, Circle Founder, five stablecoins, Jeremy Allaire, Paxos, Stablecoins, three stablecoins, trueusd, TUSD/BUSD, TUSD/USDT, U.S. dollar-pegged token, usd coin, USD stablecoin, usd stablecoins, USDC spot trading, USDC support, USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT

What do you think about Jeremy Allaire, Trueusd, and Paxos addressing the decision Binance made concerning auto-converting specific stablecoin balances? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Binance To Drop USDC Trading Pairs, Plans To Auto-Convert Specific Stablecoin Balances To BUSD

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Binance To Drop USDC Trading Pairs, Plans To Auto-Convert Specific Stablecoin Balances To BUSD

The world’s largest cryptocurrency trading platform by trade volume, Binance, issued a notice on Monday explaining that the exchange will be removing the stablecoin USDC from the platform’s spot trading pairs list. Binance further details that users holding three types of stablecoins will see their balances auto-converted into BUSD if the user does not remove the specific crypto asset from the exchange.

Binance to Delist Specific Stablecoin Trading Pairs by the End of September

  • It seems Binance will be removing the world’s second-largest stablecoin usd coin (USDC), a U.S. dollar-pegged token issued by the Centre consortium. During an announcement made on Monday, Binance explained that it plans to auto-convert certain stablecoin balances if the funds are not removed by September 29, 2022.
  • “Fellow Binancians, in order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio,” the exchange said on September 5. Then the announcement further notes that Binance is sunsetting a few specific spot trading pairs.
  • The pairs will be removed before the auto-conversion September 29 deadline and they will cease trading three days prior to the cut-off. “Binance will remove and cease trading on the following spot trading pairs at 2022-09-26 03:00 (UTC): USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT,” Binance details.
  • Three days after those pairs are removed, Binance will also discontinue ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD, and XRP/TUSD trading pairs on September 29.
  • Some individuals on social media criticized the move while others applauded the decision. A great number of other individuals questioned why Binance made the decision. “Uhm… why is Binance de-platforming USDC?” one person asked on Monday. “Why wouldn’t the largest crypto exchange do this?” another individual asked.
  • In addition to being the largest crypto exchange by trade volume, Binance is the issuer of the third largest stablecoin BUSD. The dollar-pegged crypto asset has a market valuation of around $19.44 billion. USDC’s market cap is $51.89 billion today, just below tether’s (USDT) market cap of around $67.59 billion.
  • At the time of writing on September 5, 2022, at 4:15 p.m. (ET), the stablecoin BUSD has recorded $6,667,316,743 in 24-hour trades, while USDC has printed $5,789,291,326 in 24-hour trades. USDT’s trade volume towers over both BUSD and USDC combined with $31.16 billion in swaps today. If USDC no longer remains on the largest crypto trading platform by global trade volume, the crypto asset’s daily volume could see some changes.
Tags in this story

Auto-Conversion, Binance, Binance BUSD, Binance USDC, Binance’s BUSD, BUSD, Centre Consortium, five stablecoins, Stablecoins, three stablecoins, TUSD/BUSD, TUSD/USDT, U.S. dollar-pegged token, usd coin, USD stablecoin, usd stablecoins, USDC spot trading, USDC support, USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT

What do you think about Binance shutting down USDC trading pairs and auto-converting certain stablecoin balances? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Primakov / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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