Binance to End XRP Support with USDT Conversion Effective May 28, 2024

As an experienced financial analyst, I’m closely monitoring the recent development between Binance and XRP. The announcement of discontinuing support for XRP as a margin asset comes with automatic conversion to USDT, aiming to minimize potential disruptions for users. However, this decision could introduce complexity and uncertainty, especially during the conversion period when users are advised against adding new futures positions.

As a researcher, I’ve come across some important news regarding Binance‘s announcement of discontinuing support for XRP and TUSD (TrueUSD) as margin assets in their Multi-Assets Mode, starting May 28, 2024, at 06:00 (UTC). This information was shared through a recent platform update.

Starting May 14, 2024, it is no longer possible to transfer XRP or TUSD into USDS-M Futures wallets. Any existing balances of these two cryptocurrencies in USDS-M wallets after this date will be converted to USDT (Tether) within approximately 24 hours.

Automatic Conversion to USDT

During the process of automatically changing your assets into USDT, Binance intends to minimize any interruptions for you. However, they strongly advise users to exercise caution and abstain from opening new futures contracts to reduce the risk of incurring losses.

During the transformation process, users might not observe the conversion reflected in their Transaction History right away, making it a more intricate experience. However, Binance is not responsible for any losses that may occur as a result of opening new positions during this period.

XRP Price Reaction and Legal Context

Despite Binance’s announcement, XRP experienced a minor price drop, reaching $0.5071 and decreasing by 0.51%. Simultaneously, the token’s trading volume surged by 9.36% to an impressive $1,053,944,613. This occurrence aligns with the ongoing legal issues confronting Ripple.

More recently, Ripple’s Chief Financial Officer, Jonathan Bilich, took steps to secure confidential financial data in the context of Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC).

James K. Filan, the renowned attorney, emphasized the importance of safeguarding Ripple’s financial data, contractual clauses, and business strategies as proprietary information by maintaining their confidentiality.

As a researcher studying the cryptocurrency landscape, I’ve observed that Binance’s decision to delist XRP, the native cryptocurrency of Ripple, highlights the ever-evolving nature of this market. Legal developments surrounding XRP have been a significant factor in this choice.

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2024-05-14 20:36