Binance to End XRP Support with USDT Conversion

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As a seasoned crypto investor with a keen interest in the market’s intricacies, I find Binance’s announcement regarding the discontinuation of support for XRP an intriguing development. This decision comes amidst ongoing legal challenges faced by Ripple, and as someone who closely follows such developments, I can’t help but see the potential implications.

Starting from May 28, 2024, at 06:00 UTC, Binance will no longer support XRP and TUSD (TrueUSD) as margin assets in its Multi-Assets Mode. This information was disclosed in 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 cryptocurrencies in such wallets as of the cut-off date will be converted to USDT (Tether) within approximately 24 hours.

Automatic Conversion to USDT

During the process of automatically converting to USDT, Binance intends to minimize any interruptions for users. However, they strongly urge caution and suggest users abstain from opening new futures positions during this time to reduce the risk of incurring losses.

During the transformation process, users might not observe the conversion reflected in their Transaction History right away. This intricacy makes the situation more complex. However, it’s important to note that Binance is not responsible for any losses resulting from newly opened positions during this transition.

XRP Price Reaction and Legal Context

As a researcher observing the cryptocurrency market, I’ve noticed that despite Binance’s recent announcement, XRP experienced a slight price drop, trading at $0.5071 with a decrease of 0.51%. Simultaneously, the trading volume for XRP surged by 9.36% to reach a substantial $1,053,944,613. This event transpired as Ripple continues to grapple with ongoing legal hurdles.

As a researcher studying the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), I have come across an interesting development. Recently, Ripple’s Chief Financial Officer, Jonathan Bilich, took steps to safeguard sensitive financial data by requesting that certain documents be sealed in the court proceedings.

James K. Filan, the renowned attorney, emphasized the importance of maintaining the secrecy of Ripple’s financial data, agreement details, and inner workings to safeguard their confidential information.

The decision made by Binance regarding XRP, the native digital currency of Ripple, along with the evolving legal landscape surrounding it, underscores the complex and ever-changing character of the cryptocurrency marketplace.

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2024-05-15 01:42