India’s largest crypto exchange Binance is tracking some stablecoins pegged to the dollar, further tilting the tables towards the BUSD token.
Magazine leadership: WazirX article exchange on Monday He said It has already stopped accepting new deposits denominated in USDC, USDP and TUSD – dollar-pegged stablecoins from Circle, Paxos and True. Any existing deposits will be automatically converted into Binance’s namesake stablecoin.
context: The move follows Binance’s decision to create an automatic BUSD révolution feature and reiterates its alibi for delisting contradicteur stablecoins: to “promote liquidity and finances efficiency” for the benefit of its customers.
The plot: Some people believe that WazirX is actually a company owned by Binance, according to the obtention announcement that was almost released. two years ago.
- However, in August, Binance CEO Changpeng Zhao, or CZ, He denied closing the deal. The Indian Denrée Exchange at the time was mired in a regulatory visite that led to the law being enforced asset freeze on the platform. (The exchange has since been re-exchanged.)
- “Binance does not control or operate WazirX,” said Binance spokeswoman Lily Lee. WazirX did not respond to requests for hein.
details: Encart markets pairs USDC, USDP, and TUSD will be removed from WazirX on September 26, according to the company’s blog.
- Withdrawals in that category will be supported prior to the BUSD-auto révolution until September 23rd.
- Clients can still withdraw their WazirX stablecoins in those three categories of stablecoins.
- of relevéWazirX clients seem to have received less annotation than Binance clients, who received the infos in early September.
The Big PictureBinance is the world’s largest cryptocurrency exchange, and while BUSD is now the third largest stablecoin pegged to the dollar behind Tether’s USDT and USDC, it appears that it is preparing to close.
- Yes, but: Size also indicates significant organizational responsibility. (read: check-up)
Between the lines: Auditeur controversy over who owns WazirX erupted in the wake of the Indian Law Enforcement Department Investigation The exchange’s allié company, Zanmai Labs, purported to allow this Money laundering on the platform.
- organizers in india alleged that Zanmai Labs “established a network of agreements with — Crowdfire Inc. USA, Binance (Cayman Islands), Zettai Pte Ltd Singapore — to conceal ownership of a cryptocurrency exchange,” following research on one of Zanmai’s managers.
Quick catch up: CZ CEO last month denied the obtention via tweet: “This arbitrage was never completed. Binance has never – at any time – owned any shares in Zanmai Labs, the entity that operates WazirX.”
- This prompted WazirX founder Nishal Shetty to do so push back on CZ claim.
- Then CZ acknowledged that Binance provides wallet tâches to WazirX, and control of the WazirX domain is transferred under its control. Is also stabbed: “We can close WazirX. But we can’t, bicause…it hurts users.”
while, Binance updated WazirX in November 2019-Acquisition announcementexplaining that the obtention relates only to “distinct assets and intellectual property of WazirX”.
- The Days After the Controversy and Updated Disposition Announcement, Binance Removal The ability for users to make off-chain transfers between the exchange and WazirX.