Binance Futures to Halt XRP and TrueUSD Support as Margin Assets

Binance Futures, a cryptocurrency exchange, is ceasing support for XRP and TrueUSD (TUSD) as margin assets in its Multi-Asset Mode, effective May 28, 2024, with implications for the value and adoption of these assets and the broader cryptocurrency ecosystem." This description focuses on the primary topic (Binance Futures' decision to cease support for XRP and TUSD), the main entity (Binance Futures), the context (cryptocurrency market), and the significant action (ceasing support) with its consequences (implications for value and adoption). The description also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as a image of a cryptocurrency exchange platform with XRP and TUSD symbols being removed or a graph showing the potential impact on their value.

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Nitish Verma
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Binance Futures to Halt XRP and TrueUSD Support as Margin Assets

Binance Futures to Halt XRP and TrueUSD Support as Margin Assets

Binance Futures announced that it will cease supporting XRP and TrueUSD (TUSD) as margin assets in its Multi-Asset Mode, effective May 28, 2024, at 9:00 AM. The transfer limit for both assets in this mode will be set to zero starting from May 14, 2024, at 9:00 AM.

Why this matters: This move by Binance Futures reflects the ongoing shift in the cryptocurrency market, with exchanges adapting to changing user preferences and market dynamics. The decision may have implications for the value and adoption of XRP and TUSD, as well as the broader cryptocurrency ecosystem.

All remaining XRP and TUSD balances in USDS-M Futures wallets on the platform will be automatically converted to USDT approximately 24 hours after the support ends on May 28. The conversion rates will be based on the average XRPUSDT Price Index observed between 8:00 AM and 9:00 AM on May 28, 2024, for XRP, and a 1:1 ratio for TUSD.

Binance strongly advises users not to open new futures positions during the conversion period to minimize potential losses. The exchange emphasizes that it will not accept responsibility for any losses incurred by users who open new positions during this transition.

This move by Binance Futures reflects the exchange's ongoing commitment to optimizing its platform and services in line with market dynamics and user preferences. As the world of cryptocurrency continues to evolve, Binance aims to provide a secure and efficient trading environment for its global user base.

The decision to halt support for XRP and TUSD as margin assets on Binance Futures comes as the exchange continues to adapt to the ever-changing cryptocurrency landscape. By focusing on optimizing its platform and services, Binance remains committed to providing its users with a safe and efficient trading experience.

Key Takeaways

  • Binance Futures to cease XRP and TUSD margin asset support on May 28, 2024.
  • Transfer limit for XRP and TUSD set to zero on May 14, 2024.
  • Remaining balances to be converted to USDT on May 28, 2024.
  • Conversion rates based on XRPUSDT Price Index and 1:1 ratio for TUSD.
  • Binance advises users not to open new futures positions during conversion period.