Binance halts support for Ripple’s XRP amid legal uncertainties
Leading crypto exchange Binance has announced plans to cease support for Ripple’s XRP and TrueUSD (TUSD) in Multi-Asset Mode.
The announcement confirmed that Binance Futures would discontinue trading for the assets as margin coins in Multi-Assets Mode from 28 May 2024.
Moreover, the trading platform updated TUSD and XRP’s transfer-in limit to zero on Tuesday (14 May). Also, Binance will automatically convert any balances to Tether (USDT) post-May 28.
Meanwhile, users should refrain from adding new positions during the conversion to USDT to prevent losses.
Ripple’s legal updates
Notably, the move comes amidst market uncertainty as the Ripple vs. SEC legal fight heats up, even sparking comments from Tether CEO.
While some believe the long-standing suit nears an end, the crypto company has requested to seal documents associated with the remedies, avoiding public disclosure.
Ripple Labs believes revealing the documents might hurt its business operations and competitiveness.
Meanwhile, Binance’s recent move targets streamlined activities and matches the changing market dynamics while ensuring the best for its users.
XRP price outlook
The altcoin reflected slight uptrends following Binance’s announcement. XRP gained 0.35% over the past day to trade at $0.5073 during this publication.
While Binance’s move to halt support for XRP and TUSD could appear unsettling to investors, the automatic conversion to USDT alleviates possible disruptions.
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