cryptoknowmics.com
The recent cryptocurrency winter is one that will not be forgotten in a hurry. This is due to the decisions and indecisions that led to the market implosion in the price of Terra (LUNA) and its algorithm Stablecoin (TerraUSD). The impact of LUNA decline had made some centralized exchanges suspend the withdrawal and trading in LUNA and UST on their platform. However, some of the exchanges have reopened withdrawal since the network is now accepting transactions. Among the top exchanges that suspended Terra LUNA and UST trades during the market implosion include:
- Binance
- Crypto.com
- OKX
Binance Binance is the largest cryptocurrency for spot trading at the time of writing, in the past 24 hours. It is ranked in the second position for derivative trading after Kraken. It has over $14.85 billion in spot trading transactions. Due to the market implosion, it suspended all spot trading transactions in Terra (LUNA) and TerraUSD (UST) on May 13th, 2022. The two trading pairs that were affected are LUNA/BUSD and UST/BUSD. However, withdrawal has been enabled after the network became operational. Crypto.com Crypto.com is the 14th largest Cryptocurrency Exchange in the world for spot trading in the past 24 hours. It has about $514 million in spot trading transactions at the time of writing. It is ranked 16th position in derivative trading. Due to the market implosion, it suspended all spot trading in Terra (LUNA), MIR, and Anchor Protocol (ANC) on May 13th, 2022. It has suspended all withdrawals and deposits on the LUNA until further notice. OKX OKX is the 18th largest cryptocurrency exchange in the world for spot trading in the past 24 hours. It has a trading volume of $1.89 billion. It is ranked in the third position for derivative trading. Due to the market implosion of Terra native token LUNA and its Stablecoin TerraUSD (UST), it suspended trades on trades on UST trading pairs for Bitcoin, Ethereum, Avalanche, and Solana, and also stopped lending and borrowing operations on Terra blockchain tokens like LUNA, MIR, and Anchor Protocol. This took effect from May 13th, 2022. In conclusion, the essence of the suspension is to protect its users and to ensure that the market is stabilized before allowing withdrawals so as to reduce network congestion.