WazirX, one of India’s leading cryptocurrency exchanges, has announced that it will stop supporting deposits and withdrawals of BUSD, a stablecoin pegged to the US dollar, via the Binance Smart Chain (BSC) network.
📢 Update on $BUSD:
» WazirX will disable deposits & withdrawals for BUSD via BSC on 6th September 2023 at 10 PM IST
» Deposits & withdrawals of BUSD tokens will be supported on the ERC20 network until further notice
More info 👇https://t.co/2202SoTHjZ
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) September 2, 2023
The decision comes after Binance, the world’s largest crypto exchange and the issuer of BUSD, said it will gradually end support for BUSD products1.
According to a blog post by WazirX2, the exchange will disable deposits and withdrawals for BUSD via BSC on 6th September 2023 at 10 PM IST.
Users who have BUSD balances on WazirX will be able to withdraw them via the ERC20 network until further notice.
WazirX will also automatically convert users’ existing balances of other stablecoins, such as USDC, USDP, and TUSD, to BUSD at a 1:1 ratio.
WazirX said that the move is aimed at enhancing liquidity and capital efficiency for users, as well as aligning with Binance’s vision of making BUSD the global standard for stablecoins.
WazirX also said that it will gradually delist the BUSD trading pairs (BUSD/INR and BUSD/USDT) from its platform, and a separate delisting announcement will be made.