Crypto.com Suspends LUNA Trading, Binance Updates Leverage Limit
- Crypto.com suspends LUNA deposits and withdrawals
- Binance plans to update the leverage limit on the token’s perpetual contract
- ByBit also they will delist LUNA’s derivative contract on their platform
Major digital currency exchange Crypto.com has reportedly halted support for LUNA trades on its platform. The news broke on Thursday following the massive price crash below 10 cents.
BREAKING: https://t.co/gp8AK4709L exchange has reportedly suspended $LUNA trading.— Watcher.Guru (@WatcherGuru) May 12, 2022
Binance also announced an update to the token’s perpetual contract, reducing the maximum leverage option from 25x to 8x. The platform plans to delist the USDT-Margined LUNA Perpetual Contracts and implement the new leverage level on Thursday.
In addition, sources claim that CZ’s company will delist the perp contracts if the price falls below $0.005.
Binance changed to 0.005 USDT— db (@tier10k) May 12, 2022
Furthermore, Bybit announced an immediate halt on the LUNA/USD inverse contract citing a significant drop in the tokens’ price.
Bybit reserves the right to delist any Derivatives contract without prior announcement if its index price drops below tick size * 50.
Another major exchange BitxMex also announced its decision to suspend perp swap contracts with the USD and USDT pairs.
On 12 May 2022 at 20:00 UTC, BitMEX will delist the LUNAUSD and LUNAUSDT Perpetual Swap contracts.— BitMEX (@BitMEX) May 12, 2022
More details are available on our blog: https://t.co/0Pq4lpNVsW
As EWN previously reported, South Korea’s crypto “big four” – Bithumb, Coinone, Korbit, and Upbit, designated Terra’s token as a cautionary item and warned investors about trading the token.
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