Binance Halts XRP and TUSD Support in Multi-Assets Mode
Recently, Binance made an announcement notifying users that they would be suspending support for XRP and TUSD in Multi-Assets Mode starting May 28. The decision was influenced by the ongoing legal dispute between Ripple and the SEC.
Binance’s Decision
- XRP and TUSD will no longer be supported as margin assets by Binance in Multi-Assets Mode.
- Any XRP and TUSD holdings will be automatically converted to USDT after May 28.
- Users are advised to assess their positions to avoid potential losses.
In their announcement, Binance explained that any remaining XRP and TUSD balances in USDⓈ-M Futures wallets would be converted to USDT at specific ratios within 24 hours of the deadline.
Market Impact
- Following the announcement, XRP’s value experienced a minor drop from $0.5112 to $0.5045.
- Despite this decrease, trading volume for XRP actually increased by 5.11% to $987.3 million.
Continued Support
Binance reassured users that they would still be supporting other assets like ADA, USDT, DOT, USDC, SOL, BTC, BNB, BUSD, and ETH in Multi-Assets Mode. However, the company did not provide specific reasons for their decision regarding XRP and TUSD.
The timing of this announcement coincides with the legal battle between Ripple and the SEC, where both parties have filed motions to seal proceedings in order to determine potential penalties for Ripple’s XRP sales.
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