Binance has announced the discontinuation of support for XRP, effective May 28, 2024, at 06:00 (UTC). The decision revealed through a recent update, affects XRP and TUSD (TrueUSD) as margin assets in the Multi-Assets Mode.
From May 14, 2024, the transfer-in limit for XRP and TUSD has been set to zero. The remaining balances of XRP and TUSD in USDS-M Futures wallets after the cut-off date will be automatically converted to USDT (Tether) within approximately 24 hours.
Automatic Conversion to USDT
The automatic conversion to USDT aims to mitigate potential disruptions for users. Binance advises caution, recommending users avoid adding new futures positions during the conversion period to prevent potential losses.
Users may not see the conversion reflected in their Transaction History, adding a layer of complexity to the process. Binance has absolved itself of liability for any losses incurred due to new positions during this transition.
XRP Price Reaction and Legal Context
Despite Binance’s announcement, XRP saw a slight price decline, trading at $0.5071 with a 0.51% decrease, and a trading volume rise of 9.36% to $1,053,944,613. This development coincides with ongoing legal challenges faced by Ripple.
Recently, Ripple’s CFO, Jonathan Bilich, supported sealing documents to protect sensitive financial information amidst the Ripple vs. SEC lawsuit.
The famous lawyer James K. Filan pointed out the necessity of keeping Ripple’s financial figures, contract terms, and internal business strategies confidential to protect proprietary information.
Binance’s choice and the legal developments around XRP, the native cryptocurrency of Ripple, show the dynamic and changing nature of the cryptocurrency market.