- Binance Futures, a leading cryptocurrency derivatives exchange, has announced an update concerning XRP and TUSD in Multi Asset Mode.
- From 9:00 AM on May 28, 2024, Binance Futures will cease support for XRP and TUSD as margin assets in Multi Asset Mode.
- After the termination, all remaining XRP and TUSD balances in USDⓈ-M Futures wallets on Binance Futures will be automatically converted to USDT at specified rates within approximately 24 hours after 9:00 AM on May 28, 2024.
Binance Futures announces the cessation of support for XRP and TUSD in Multi Asset Mode, with all remaining balances to be converted to USDT.
Binance Futures Ceases Support for XRP and TUSD
Binance Futures, one of the world’s leading cryptocurrency derivatives exchanges, has announced that it will cease support for XRP and TUSD as margin assets in Multi Asset Mode. This change will take effect from 9:00 AM on May 28, 2024. In addition, the transfer limit for XRP and TUSD in this mode will be set to zero from 9:00 AM on May 14, 2024.
Conversion of Remaining Balances
Following the termination, all remaining XRP and TUSD balances in USDⓈ-M Futures wallets on Binance Futures will be automatically converted to USDT at specified rates within approximately 24 hours after 9:00 AM on May 28, 2024. The conversion rates for the remaining balances are as follows: For XRP, the conversion will be based on the average XRPUSDT Price Index observed between 8:00 AM and 9:00 AM on May 28, 2024. For TUSD, a simple 1:1 ratio will be applied for conversion.
Advice to Users
To minimize potential losses, users are strongly advised not to open new futures positions during the conversion period of XRP and TUSD to USDT. Binance emphasizes that it will not accept responsibility for losses incurred by users who open new positions during this transition period.
Binance’s Commitment
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 is committed to providing a secure and efficient trading environment for its global user base.
Conclusion
Binance Futures’ decision to cease support for XRP and TUSD in Multi Asset Mode and convert remaining balances to USDT is a strategic move aligned with market dynamics and user preferences. Users are advised to refrain from opening new futures positions during the conversion period to avoid potential losses.
