This Binance announcement will affect Ripple (XRP) traders: details

TL;DR

Binance will stop supporting Ripple’s XRP and TUSD as margin assets, automatically converting any balance to USDT. The price of XRP held steady around $0.50, showing little change despite the news. The latest update

The world’s largest cryptocurrency exchange revealed that it will stop supporting Ripple’s XRP and stablecoin TUSD as margin assets in multi-asset mode. Additionally, the transfer limit for these tokens was updated to zero.

The changes will officially take effect on May 28, and the remaining balances of XRP and TUSD in futures portfolios will be automatically converted to USDT.

“Users are advised not to add any new futures positions during the XRP and TUSD to USDT conversion period to avoid possible losses. Binance will not be responsible for any new position losses during this period that may occur due to fund conversion,” the company warned.

Meanwhile, XRP saw little to no volatility in the hours following the announcement. It remains around $0.50, which represents a decline of 5% on a weekly basis.

Previous Binance Amendments

The firm has introduced several updates to its platform in recent weeks. In April, it added 18 new loanable assets, including popular meme coins Pepe (PEPE) and dogwifhat (WIF), to Binance Loans. It also launched ARB/USDC and NEO/USDC perpetual contracts with up to 50x leverage, while FIL/USDC allows up to 75x leverage.

Soon after, Binance included XRP/JPY, SHIB/JPY, ADA/JPY and SOL/JPY trading pairs on Binance Spot and simplified trades for Mexican users by introducing a direct pair between USDT and MXN.

Earlier this month, it added Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP), and Portal (PORTAL) as new lendable assets to Binance Loans.

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