HomeBinanceImpact of Binance Announcement on XRP Traders - Times Tabloid

Impact of Binance Announcement on XRP Traders – Times Tabloid

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Binance Discontinues XRP and TUSD Margin Trading: What You Need to Know

Binance, the world’s leading crypto exchange, recently announced changes to its margin trading options, set to take effect on May 28th, 2024. The exchange will discontinue support for XRP and the stablecoin TrueUSD (TUSD) as margin assets within the Multi-Assets Mode.

This change means that users will no longer be able to use XRP or TUSD as collateral when opening leveraged positions on futures contracts. To ensure a smooth transition, Binance has already set the transfer-in limit for XRP and TUSD to zero within the Multi-Assets Mode.

Any remaining XRP and TUSD balances held in users’ futures wallets after May 28th will be automatically converted to Tether (USDT) at the prevailing market rate. Binance is cautioning users to be careful during this conversion period and advises against opening new futures positions using XRP or TUSD to avoid potential losses due to price fluctuations.

Despite the announcement, XRP’s price has remained relatively stable, trading around the $0.50 mark with a slight decline of approximately 4% over the past week.

In addition to these changes, Binance has been implementing various updates to its platform, including expanding its loanable asset selection and introducing new trading pairs. The exchange’s recent platform updates demonstrate its commitment to expanding its cryptocurrency and service offerings.

While the discontinuation of XRP and TUSD margin trading may impact a specific user group, Binance’s ongoing efforts to enhance its platform show its dedication to providing a wide range of options for its users.

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