WazirX Indian Exchange Like Binance, it has removed USDC from its list of tokens. This exchange was fined 8.1 million dollars in the past due to money laundering.
Indian Exchange WazirX It has decided to remove the USDC token from its platform and convert the capital of the holders of this cryptocurrency to the stablecoin BUSD backed by Binance. This exchange, like Binance, will convert users’ USDC, USDP and TUSD assets to BUSD at the same price ratio in October.
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Delisting of USDC from Indian exchange WazirX
Minister X officially announced on Monday that it has stopped escrow services for USDC alongside stablecoins such as USDP and TUSD. According to this announcement, WazirX will increase liquidity and investment efficiency. BUSD stablecoin will be provided to users.
Starting October 5th, WazirX users will have 1:1 access to their wallet balances in the form of BUSD tokens. Conversion of USDC, USDP and TUSD assets is done automatically by Wazir X platform.
The list of stablecoins eligible for automatic conversion will likely be updated. Of course, users can withdraw their USDP, USDC and TUSD assets until Friday.
According to CoinGecko data, a small amount of USDC was being traded on the exchange before the official announcement. At the time of writing, the only USDC trading pair available on WazirX is USDC/USDT currency pair Is. This currency pair has a trading volume of 3400 dollars. BUSD also has two trading pairs on WazirX. Binance cryptocurrency is traded against the stablecoin USDT and the Indian rupee. The daily trading volume of these currency pairs is 5700 and 5200 dollars, respectively.
WazirX exchange fined 8.1 million dollars
USDC token It has been launched by Circle fintech company and Coinbase exchange. This token is the second largest stablecoin in the market after USDT. At the time of writing, USDC’s market cap is $50 billion. This amount is 17 billion dollars less than the rival stablecoin USDT.
With a market capitalization of $20.6 billion, the BUSD token is the third-largest stablecoin in the cryptocurrency market, according to data from CoinGecko. The delisting of USDC from the Indian exchange WazirX came shortly after the delisting of the stablecoin from the Binance exchange. Binance, like WazirX, automatically converts users’ USDC, USDP and TUSD assets to BUSD.
After Indian exchange WazirX came under regulatory scrutiny in August, Binance denied any ownership stake in the exchange. Executive Office of India in the past about 8.1 million dollars from WazirX exchange capital had been blocked as part of the anti-money laundering investigation in the company.
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Source: cointelegraph