Important Binance Announcement Affecting XRP and SOL Investors

TL;DR

• Binance introduces zero-fee trading for pairs like XRP/FDUSD and SOL/FDUSD, starting December 8, excluding these from VIP tier volume calculation and Liquidity Provider programs during the promotion.
• The focus is on FDUSD, a stablecoin by First Digital Limited, as Binance moves away from BUSD, with plans to halt BUSD support and auto-convert remaining balances to FDUSD at a 1:1 rate by December 31, 2023.
• Additionally, Binance will delist four cryptocurrencies – BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) – on December 7, with some like PERL and WTC already experiencing significant price drops.

Binance’s Newest Offering

The world’s largest cryptocurrency exchange by trading volume – Binance – announced that users could take advantage of zero-fee trading for the following pairs: XRP/FDUSD, SOL/FDUSD, DOGE/FDUSD, BNB/FDUSD, ETH/FDUSD, and LINK/FDUSD. The validity period of the offering starts on December 8 and will last “until further notice.”

“All users will enjoy zero maker and taker fees for the above spot and margin trading pairs. The trading volume on the above spot and margin trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Provider programs during the promotion period, where applicable,” the company explained.

FDUSD is a reserve-backed stablecoin issued by a subsidiary of Hong Kong-headquartered financial firm First Digital Limited. FDUSD was issued on the Ethereum and BNB Chain networks at launch, with Binance paying particular attention to the token after revealing that it will back down from BUSD.

Last week, the marketplace disclosed it will halt support for BUSD products in mid-December, encouraging customers to withdraw or convert their BUSD holdings into other assets.

All such transactions will be disabled on December 31, 2023, and the remaining balances will be automatically converted to FDUSD at a 1:1 conversion rate. Binance users in Japan, France, Italy, Poland, and Kazakhstan are excluded from the amendments.

Binance’s Delisting Efforts

The company also announced it will remove four cryptocurrencies from its platform on December 7. Those coins are BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC). 

Some of the affected assets have dropped significantly following the disclosure. PERL has crashed by 60% in the past two weeks, whereas WTC has collapsed by over 70%.