Track India’s largest cryptocurrency exchange Binance on stablecoins

Track India’s largest cryptocurrency exchange Binance on stablecoins

India’s largest crypto exchange Binance is tracking some stablecoins pegged to the dollar, further tilting the tables towards the BUSD token.

News Leadership: WazirX stock 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 comes on the heels of Binance’s decision to establish an automatic BUSD conversion feature and its rumored justification for delisting rival stablecoins: in order to “promote liquidity and capital efficiency” for the benefit of its customers.

The plot: Some people believe that WazirX is actually a company owned by Binance, according to the acquisition announcement that was almost released. two years ago.

  • However, in August, Binance CEO Changpeng Zhao, or CZ, He denied closing the deal. The Indian Stock Exchange at the time was mired in a regulatory investigation 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 comment.

details: Spot 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 conversion until September 23rd.
  • Clients can still withdraw their WazirX stablecoins in those three categories of stablecoins.
  • of noteWazirX clients seem to have received less notice than Binance clients, who received the news 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: audit)

Between the lines: Public controversy over who owns WazirX erupted in the wake of the Indian Law Enforcement Department Investigation The exchange’s parent 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 acquisition via tweet: “This transaction 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 services to WazirX, and control of the WazirX domain is transferred under its control. Is also stabbed: “We can close WazirX. But we can’t, because…it hurts users.”

while, Binance updated WazirX in November 2019-Acquisition announcementexplaining that the acquisition relates only to “certain assets and intellectual property of WazirX.”

  • The Days After the Controversy and Updated Acquisition Announcement, Binance Removal The ability for users to make off-chain transfers between the exchange and WazirX.

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