Binance will stop supporting XRP and TUSD as fiat assets in its multi-asset mode on May 28. After that, the crypto exchange will automatically convert any XRP and TUSD holdings to USDT.
Binance’s USDT margined futures and USDC margined futures use the multi-asset placement feature to enable futures trading with a range of currencies used as margin assets. Due to the removal of XRP from this list, the company is now encouraging users to evaluate their positions to avoid potential losses.
After 2024-05-28 06:00 (UTC), any remaining XRP and TUSD balances in USD(S)-M Futures wallets will be automatically converted to USDT at the following ratios within approximately 24 hours, Binance said.
Following the announcement, Ripple’s native token XRP dropped from $0.5112 to $0.5045. However, this did not impact its trading volume, which rose by 5.11% to $987.3 million.
Binance has confirmed that it will continue to support ADA, USDT, DOT, USDC, SOL, BTC, BNB, BUSD, and ETH in multi-asset mode. The announcement did not provide further arguments for the company’s decision.
However, this happened during a legal dispute between XRP and the SEC. The plaintiff and defendant recently filed joint letter petitions to conclude the proceedings. The goal is to determine whether Ripple will have to pay a large fine for its XRP sales.
