Global cryptocurrency exchange Binance has suspended trading pairs with Terra ecosystem’s cryptocurrencies, LUNA and TerraUSD (UST), on its platform following the major crash of the algorithmic stablecoin.
Binance confirmed the move on May 13, with spot trading for LUNA/BUSD and UST/BUSD trading pairs being suspended. It’s not clear when the withdrawals for LUNA and UST will continue, as the crypto exchange simply stated that it will wait for the issues with the Terra network to be solved.
It is the latest move by the world’s largest cryptocurrency exchange by trading volume following one of the most significant black swan events to hit the space since the inception of Bitcoin (BTC) in 2009.
Binance Futures delisted coin-margined LUNA perpetual contracts on Thursday despite plans to salvage the floundering LUNA and UST. Terra blockchain validators were forced to take the network offline on May 12 in an effort to stem potential governance attacks following the crash of the network’s LUNA token.
Terra’s LUNA and its algorithmic stablecoin Terra USD suffered a dramatic crash, as UST lost its $1 peg. The system was designed to automatically maintain its peg to the U.S. dollar – with the failure leading to a systematic devaluing of USD while LUNA tokens began to be minted at an unprecedented rate.
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