Binance Limits Support for XRP by Delisting as Margin Asset in Multi-Assets Mode
In a surprising move, Binance, one of the leading cryptocurrency exchanges, has announced its decision to limit its support for XRP, the seventh-largest cryptocurrency by market cap. The exchange revealed its plans to delist XRP and TUSD as margin assets in the Multi-Assets Mode, effective from May 28, 2024.
The Multi-Assets Mode allows users to trade USDⓈ-M Futures contracts using various coins as margin assets. Binance’s decision to stop supporting XRP and TUSD in this mode has raised questions and speculation within the crypto community. Prominent XRP community figure “WrathofKahneman” expressed curiosity about the rationale behind Binance’s move, questioning whether it was due to anticipated price volatility, financial constraints, or other factors.
The community member also speculated that Binance might be preparing to replace XRP with the upcoming Ripple stablecoin, suggesting that the exchange aims to avoid potential conflicts from listing both assets. However, the exact reasons for Binance’s decision to delist XRP remain unclear.
As the news of Binance’s decision broke, XRP was trading at $0.4992, with a 1.16% decline over the past 24 hours. The crypto community will be closely watching how this development impacts the future of XRP and the broader cryptocurrency market.
