See More

Binance Suspends XRP Support in Multi-Asset Mode

1 min
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • Binance to end XRP, TUSD support in Multi-Assets.
  • Decision linked to SEC's ongoing case with Ripple.
  • Changes take effect after May 28; conversion to USDT.
  • promo

Binance announced the suspension of support for XRP and TUSD (TrueUSD) for Multi-Assets Mode, effective May 28. 

The firm’s decision comes in the midst of a legal battle between Ripple and the United States Securities and Exchange Commission (SEC).

Binance Halts XRP in Multi-Asset Mode 

Binance will stop supporting XRP and TUSD as margin assets in Multi-Assets Mode on May 28. After that, the crypto exchange will automatically convert any XRP and TUSD holdings to USDT.

USDT-margined and USDC-margined Futures on Binance use the Multi-Assets Mode feature to enable trading of futures contracts with a range of coins used as margin assets. Given XRP’s removal from this list, the firm now encourages users to evaluate their positions to avoid potential losses.

“After 2024-05-28 06:00 (UTC), any remaining XRP and TUSD balances in USDⓈ-M Futures wallets will be automatically converted to USDT at the below ratios within approximately 24 hours,” Binance said.

Following the announcement, Ripple’s native token, XRP, fell from $0.5112 to $0.5045. However, this did not affect its trading volume, which rose 5.11% to 987.3 million dollars.

Read more: Ripple (XRP) Price Prediction 2024 / 2025 / 2030

XRP Price Performance
XRP Price Performance. Source: TradingView

Binance affirmed that it would continue to support ADA, USDT, DOT, USDC, SOL, BTC, BNB, BUSD, and ETH in Multi-Assets Mode. The announcement did not provide further arguments for the company’s decision.

Still, it occurred during a legal conflict between XRP and the SEC. The plaintiff and the defendant recently presented omnibus letter motions to seal proceedings. The goal is determining whether Ripple will be forced to pay a hefty fine for its XRP sales.

Top crypto projects in the US | June 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Sponsored
Sponsored