One of the world’s largest cryptocurrency exchanges BINANCE has recently decided that it will move ahead with the decision of deleting Terra’s native crypto LUNA and the UST stablecoin. The announcement reads:
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).
Binance has mentioned all the cross margins as well as the isolated margins trading pairs for LUNA as well as the UST stablecoin. Besides, it has also stopped trading for spot pairs of LUNA and UST.
The collapse of the Terra ecosystem over the last week has forced many players and investors to liquidate. From being the top ten cryptocurrencies, Terra’s LUNA has moved to dust, now trading at 0.000003.
As the UST stablecoin continues to lose its peg with the USD, it continues to generate more and more LUNA coins as per the Terra ecosystem algorithm. Over 15 billion LUNA coins have been added to the market in the last 24 hours. This is resulting in further price collapse for the LUNA tokens. The Terra ecosystem has halted the blockchain once again. The latest update reads:
