Amid the collapse of Terra blockchain’s cryptocurrencies like Luna (LUNA) and TerraUSD (UST), crypto exchange Binance decided that it will move ahead with the decision of deleting LUNA and UST.
According to an official announcement, Binance has removed all the cross margins as well as the isolated margins trading pairs for LUNA and its UST stablecoin. Besides, it has also stopped trading for spot pairs of LUNA and UST.
“Binance will remove and cease trading, close users’ positions, conduct an automatic settlement and cancel all pending orders on the following margin trading pairs at 2022-05-13 00:40 (UTC),” the announcement statement read.
In addition to this, other exchanges like eToro and Bybit also have suspended the trading of UST pairs and also delist LUNA/BTC spot pairs.
The move comes after Binance earlier this week stopped LUNA withdrawals “due to a high volume of pending withdrawals transactions.”
The decision to delist LUNA and UST comes after a series of events caused the price of LUNA to plummet by more than 99%, causing millions of dollars in losses to crypto investors.
On the other hand, the official Twitter account of TerraUST has put up its plans to stabilize the conditions and burn UST tokens.
Similarly, the Anchor Protocol also proposed to cut the yield rates from 19.5% to 4% to combat the current situation.
Hence, collective efforts are being made to stabilize LUNA and UST’s prices and in turn, stabilize the overall crypto market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
London, united kingdom, 22nd November 2024, Chainwire
Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…
Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…
Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.
See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…
Gros Islet, St. Lucia, 22nd November 2024, Chainwire
This website uses cookies.