Sciences / High-Tech
Binance Convert to Remove LUNA and UST
Binance has removed all LUNA and UST trading pairs on Binance Convert due to the recent volatility of the assets. We apologize for any inconvenience.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.
As mentioned earlier, Binance Futures will make an automatic settlement on the LUNA perpetual contract. $LUNA USDT-Margined Contract and then delist the futures contract on May 12, 2022 at 3:30 p.m.
Binance retirera et cessera de négocier sur les paires de trading au comptant suivantes à 12h50 UTC, le 13 mai :
Other exchanges like eToro and Bybit have also suspended trading ust and also delisted Spot LUNA/BTC pairs. With the extreme measures taken to stop future LUNA & UST, it is now expected that the price will stabilize very soon. On the other hand, TerraUST's official Twitter account presented its plans to stabilize conditions and burn UST tokens.
Binance will reopen withdrawals.
The company further noted that the suspension is temporary and binance will resume withdrawals for LUNA and UST:" Withdrawals for LUNA and UST tokens on the Terra (LUNA) network were temporarily suspended on 05/10/2022 at 02:20 (UTC) due to a high volume of pending withdrawal transactions. This is due to the slowness and congestion of the network."
The UST stablecoin is collapsing.
The news comes amid volatile markets for Terra's dollar-pegged UST stablecoin, which has fallen against the U.S. dollar in recent days. Recently, a large withdrawal of the Peg Protocol (CPN) appears to have triggered a decoupling, causing the UST to fall to $0.60 or 40% against the US dollar.
Terra's algorithmic stablecoin, UST Terra, has moved from a $1 peg to an all-time low of $0.74 in recent days. The UST is currently trading 13% below $1 to $0.85. Stablecoin continues to trade stably below its anchor. In addition, the Terra (LUNA) cryptocurrency is slowly recovering from a drop below $25 and is trading at $27.71 at press time. Indeed, Terra has lost 51.56% in the last 24 hours.