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Binance Update: Stopping XRP Support, Transition to USDT – What You Need to Know

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  • Post-termination, any XRP and TUSD balances in Binance Futures wallets will convert automatically to USDT within 24 hours.
  • Binance advises users against opening new futures positions during the transition to avoid potential financial losses.

Binance, a well-known cryptocurrency exchange, has decided to end its support for XRP. This change will take effect from May 28, 2024, at 06:00 (UTC). The exchange has announced that it will remove XRP and TrueUSD (TUSD) as margin assets in its Multi-Assets Mode.

Binance Futures Will Discontinue Support for XRP and TUSD in Multi-Assets Mode
Binance Futures Will Discontinue Support for XRP and TUSD in Multi-Assets Mode

Starting May 14, 2024, at 06:00 (UTC), Binance will set the transfer-in limit for XRP and TUSD to zero in this mode. After the cutoff on May 28, any remaining balances of XRP and TUSD in USDS-M Futures wallets will automatically convert to Tether (USDT) within about 24 hours.

Binance has advised its users not to open new futures positions during this period to prevent potential financial losses. This advice is crucial as the establishment of new positions during the transition could result in unpredictable financial outcomes.

Market Response to Binance’s Decision

After Binance’s announcement, XRP’s price increased slightly by 0.51% and is currently trading at $0.5059. The trading volume for XRP has also risen by 4.46% to $815.87 million. In the last 24 hours, XRP’s price moved from a low of $0.4977 to a high of $0.5117.

Binance’s decision aims to streamline its operations and adjust to the current market conditions, while also prioritizing the protection of its users’ interests. This decision is part of Binance’s broader strategy to adapt to the evolving market environment.

Ongoing Legal Challenges for Ripple

Alongside these market changes, Ripple is facing legal challenges. The ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC) has seen recent developments, including filings to seal critical documents.

Jonathan Bilich, Ripple’s CFO, supports these filings to keep sensitive financial information, contract terms, and internal business strategies confidential. These measures are intended to protect Ripple’s proprietary information during its legal proceedings.

Legal analyst James K. Filan has noted this development, marking it as an important event in the legal issues surrounding Ripple and its cryptocurrency. As these proceedings progress, they may influence market perceptions and the stability of XRP.

As Binance transitions away from XRP support, stakeholders in the cryptocurrency market are adjusting to the changes. These developments underscore the importance of staying informed and adaptable in the ever-changing cryptocurrency market.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628