LIVEGet ready for a seismic shift: Binance is bidding farewell to XRP support, effective May 28, 2024. Prepare for the transition as remaining XRP balances will automatically convert to USDT (Tether) within 24 hours.
Big news from the world of cryptocurrency! #Binance has dropped a bombshell, announcing the termination of support for #XRP, effective May 28, 2024, at 06:00 (UTC). This decision, unveiled through a recent update, impacts XRP and TUSD (TrueUSD) as margin assets in the Multi-Assets Mode.
Starting May 14, 2024, the transfer-in limit for XRP and TUSD hits zero. Any remaining balances of XRP and TUSD in USDS-M Futures wallets post the cutoff date will undergo an automatic conversion to USDT (Tether) within approximately 24 hours.
💱 Seamless Conversion to USDT
The aim of the automatic conversion to USDT? To cushion users from potential disruptions. However, Binance advises caution, urging users to refrain from adding new futures positions during the conversion period to steer clear of potential losses.
Here's the catch: Users might not witness the conversion reflected in their Transaction History, adding a layer of complexity to the process. Binance has absolved itself of liability for any losses stemming from new positions during this transitional phase.
💡 Despite Binance's move, XRP saw a slight dip to $0.5041 (-0.52%), while trading volume surged by 9.36% to $1,053,944,613. This mirrors Ripple's legal challenges.
Ripple's CFO, Jonathan Bilich, supports sealing documents in the Ripple vs. SEC case to protect sensitive financial info. Legal expert James K. Filan stresses confidentiality for Ripple's financial figures and strategies.
📈 Binance's Move and the Legal Landscape
Binance's decision, coupled with the legal saga surrounding XRP, Ripple's native cryptocurrency, underscores the ever-changing nature of the cryptocurrency market. Stay tuned for more updates as the crypto rollercoaster continues its wild ride! $XRP
