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One of the major players in the cryptocurrency exchange world, Binance, made headlines by announcing it will end support for XRP, one of the leading altcoins. This recently announced decision involves Binance Futures, the futures trading arm of the cryptocurrency exchange, ceasing support for XRP and TrueUSD (TUSD) as margin assets in the Multi-Asset Mode starting from May 28, 2024.
All XRP and TUSD Balances Will Be Automatically Converted to USDT
In this mode, the transfer limit for XRP and TUSD has been set to zero starting today. After May 28, all remaining XRP and TUSD balances in USDS-M Futures wallets will be automatically converted to Tether (USDT) within 24 hours at predetermined rates.
Binance advised users to avoid opening new futures positions during the conversion period to prevent potential losses and stated it would not be responsible for any losses arising from new positions opened during this transition. Additionally, users were warned that they might not see the conversion reflected in their transaction history.
Despite this significant announcement, XRP’s price showed a slight recovery. Following Binance’s announcement, the price rose by 0.51% to $0.5059, and the trading volume increased by 4.46% to $815.87 million. This price movement suggests that the market may have initially reacted negatively, but the automatic conversion to USDT helps align Binance’s operations with evolving market dynamics, reducing potential disruptions.
Ripple – SEC Lawsuit Continues
Binance’s decision comes amid ongoing legal battles between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC). The Ripple – SEC lawsuit took a new turn on May 13 with the filing of omnibus letter motions to seal significant details.
Ripple’s CFO Jonathan Bilich emphasized the need to seal documents to protect confidential information. This includes redacting Ripple’s financial figures, sensitive contract terms, and internal business strategies to safeguard the company’s private information during the legal battle. Bilich’s statement underscores the critical need to protect Ripple’s internal information from public disclosure, especially in the context of ongoing legal scrutiny by the SEC. Renowned attorney James K. Filan highlighted the importance of this development.
