By Nathan Ferguson
WazirX, an Indian cryptocurrency exchange is following the world’s prominent exchange named Binance in terms of trading volume and fortifying the stablecoins into a unified asset. For delisting, WazirX has ceased the deposits of TUSD, USDP and USDT withdrawals shall be beheld by the 23rd of September, 2022. Moreover, after being done with that it’ll delist USDP, TUSD and USDT.
For delisting, WazirX has another plan in the loop as the exchange will convert the mentioned stablecoin balances into BUSD (Binance USD) stablecoin in order to enhance the capital efficiency and liquidity for the convenience of the users.
By doing so, clients would be able to withdraw their assets i.e., TUSD, USDP and USDC from Binance USD balance at the ratio of 1:1. Such plan was disclosed on the 6th of September, 2022 regarding Circle conversion of USDC, USDP and TrueUSD into Binance USD for some certain reasons.
Conflict Regarding WazirX Ownership
Back in July of 2022, Changpeng ‘CZ’ Zhao, the Chief Executive Officer (CEO) addressed publically the claim delivered by Nishchal Shetty, the Chief Executive Officer of WazirX that Binance possesses the Indian Exchange. This particular claim was based on the blog post of 2019 in which Binance declared that it had “acquired” the Indian exchange but it was also made clear that no professional agreement was ever made till then.
CZ once shared via tweeter that Binance doesn’t own the share of WazirX’s operating entity named Zanmai Labs. But, Zhao made clear that Binance is providing wallet infrastructure to WazirX by which the exchange can manage trading, withdrawals and KYC process. However, back in August 2022, Changpeng advised the Indian exchange, WazirX to transfer overall digital assets to Binance.
Circle CEO Criticizes BUSD
Following the conversions of stablecoins, BUSD has successfully launched over polygon and Avalanche blockchain. Above mentioned prominent blockchains are following the footprints of BUSD and already relying on Ethereum and BSC (Binance Smart Chain).
Opposite of the other stablecoins, Paxos Trus sustained the regulatory process of USDP and BUSD via the Financial Services Department of New York. While on the same time Jeremy Allaire, the Chief Executive Officer (CEO) of Circle declared that auto conversion was entirely misinterpreted by state media and shared that BUSD is of very little use apart from the Binance exchange. However, CZ disclosed that USDC withdrawals and deposits are possible till now.