India's largest crypto exchange is following Binance out of some dollar-pegged stablecoins, further tilting the tables toward the BUSD token.
Driving the news: The exchange, WazirX, on Monday said it already stopped taking new deposits denominated in USDC, USDP, and TUSD — the dollar-pegged stablecoins from Circle, Paxos, and True. And any existing deposits would soon be auto-converted to Binance's namesake stablecoin.
Context: The move follows on the heels of Binance's own decision to institute a BUSD auto-convert feature and echoes its justification for delisting competing stablecoins: to "enhance liquidity and capital efficiency" for the good of its customers.
The intrigue: Some people think WazirX is actually a Binance-owned company, per an acquisition announcement made roughly two years ago.
Details: USDC, USDP, and TUSD spot market pairs will be delisted on WazirX on Sept. 26, according to the company's blog post.
The big picture: Binance is the world's largest crypto exchange, and while its BUSD is now the third-largest dollar-pegged stablecoin behind Tether's USDT and Circle's USDC, it appears poised to close in.
Between the lines: The public spat about who owns WazirX erupted on the heels of India's Directorate of Enforcement's investigation of the exchange's parent company, Zanmai Labs, for allegedly allowing money laundering to occur on the platform.
Catch up quick: CEO CZ last month denied the acquisition via tweet: "This transaction was never completed. Binance has never — at any point— owned any shares of Zanmai Labs, the entity operating WazirX."
Meanwhile, Binance updated the November 2019 WazirX-acquisition announcement, clarifying that the acquisition only pertained to "certain assets and intellectual property of WazirX."
Related Posts
