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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.
LUNA and UST No Longer on Binance
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.”
Plans to Stabilize UST and LUNA
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. https://twitter.com/terra_money/status/1524654726432043008 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.