Binance, the world’s largest crypto exchange by volume, announced the withdrawal of some margin and spot trading pairings on May 13. Things aren’t looking great for the Terra ecosystem, as Binance has chosen to delist the LUNA and UST trading pairs. At 00:40 UTC, the exchange will withdraw and suspend trading, close users’ holdings, conduct an automatic settlement, and cancel all pending orders.
Native coin of UST is LUNA delisted on Binance. As of Writing this article, LUNA price is 0.00008190 BUSD. A 100% drop of price in the dealth spiral of LUNA & UST. UST also loses 90% of it’s value. Currently Trading at 0.1817$.
The spot trading pairs to be removed included LUNA/BTC, LUNA/BIDR, LUNA/AUD, LUNA/BNB, LUNA/ETH, LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY, and LUNA/EUR.
As per the tweet, Binance Futures will conduct an automatic settlement on the $LUNA USDT-Margined Contract and then delist the Futures contract at May 12, 2022 3:30pm UTC.
The token has now officially lost 100% as reported by the platform and the circulating supply is a whopping 6.5 trillion tokens
The Terra blockchain was halted on May 13, to allow validators “to come up with a rescue plan to reconstitute it.” Terra halted blockchain initially on May 12 due to concerns that it had become vulnerable to attack. At 2:05pm ET, Terra developers stated that block production had restarted, although with staking disabled. The earlier move was due to concerns that the network could be attacked for a relatively low cost.
According to the announcement,
“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).
In addition, Binance also removed and ceased trading on BUSD-Margined Perpetual Contract: LUNA/BUSD.
On 12 May 2022 at 20:00 UTC, BitMEX will delist the LUNAUSD and LUNAUSDT Perpetual Swap contracts. as shared by a tweet from BitMEX