WazirX removes USDC Stablecoin from its list and switches user holdings to Binance USD

The biggest cryptocurrency exchange in India, WazirX, has adopted Binance's delisting policy for three stablecoins and "auto-converting" customer balances to BUSD.

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Leading Indian cryptocurrency exchange WazirX stated today that it would delist USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD), and that it would convert customers' remaining balances on all three stablecoins into BUSD, the stablecoin created by Binance, automatically.

WazirX has ceased accepting USDC, USDP, and TUSD deposits, and the exchange will not accept any new deposits, according to a statement released on Monday. WazirX will provide BUSD Auto-Conversion for users' existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio to increase liquidity and capital efficiency for users.

According to the exchange, USDC, USDP, and TUSD withdrawals will be suspended after 5 PM IST on September 23. On September 26, spot market pairs for all three stablecoins will be delisted. According to WazirX, the automatic conversion of users' USDC, USDP, and TUSD existing balances would be finished "on or before 5th October."

WazirX delists USDC after Binance.

The announcement to delist USDC and the other two stablecoins by Binance, which used comparable language in its release, occurred two weeks prior to today's news. The decision was made "to improve liquidity and capital efficiency for customers," according to the exchange, which also stated that it had the right to "amend the list of stablecoins suitable for auto-conversion."

Additionally, it follows Binance's recent denial of ownership of WazirX while having before stated the exact contrary in 2019. The creator of Binance, Changpeng "CZ" Zhao, stated on Twitter at the beginning of August that "this transaction was never completed" in response to the 2019 announcement of Binance's acquisition of WazirX in a deal rumored to be for up to $10 million.

Nischal Shetty, a co-founder of WazirX, blasted Zhao's remarks, claiming that he and other co-founders own Zanmai Labs, which is authorized by Binance to run INR-crypto pairs on WazirX.WazirX's crypto-to-crypto pairs are run by Binance, who also handles cryptocurrency withdrawals, according to Shetty, who also claims that "WazirX as a product and a brand is owned by Binance."

We contacted WazirX and Binance, but has not received a response as of the time of writing. Following claims that the Enforcement Directorate (ED), India's top financial enforcement agency, had charged WazirX with violating currency exchange laws and freezing $8.14 million in the company's assets, Zhao denied the deal.

Last week, WazirX announced that its bank accounts had been unfrozen as a result of "active cooperation" with the ED through ongoing anti-money laundering (AML) checks, which resulted in the blocking of accounts for 16 fintech companies that used WazirX to send cryptocurrency assets to "unknown foreign wallets." 

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