WazirX halted deposits of USDC, USDP, and TUSD stablecoin as of today.
Withdrawal support for USDC, USDP, and TUSD will discontinue at 5 p.m, IST on September 23rd, after which point existing balances of the coins will be auto-converted into BUSD at a 1:1 ratio, the Indian crypto exchange announced. The conversion will be complete on or before October 5th.
Following the auto-conversion deadline, users may withdraw USDC, USDP, or TUSD at a ratio of 1:1 from BUSD balances and view the balances of those coins under a BUSD-denominated account balance, said WazirX adding that it “may amend the list of stablecoins eligible for auto-conversion.”
The decision to transition to greater BUSD support comes after WazirX and Binance last month got into a public spat over the Indian firm's ownership. The dispute, which was precipitated by a money-laundering investigation into WazirX by Indian authorities that saw up to $8 million in funds frozen.
A 2019 blog post from Binance indicated it had purchased the Indian firm, but Binance co-founder and CEO Changpeng Zhao said after the Indian probe news that his firm never completed the acquisition. WazirX founder Nischal Shetty refuted the claim.
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