Binance this afternoon made an official announcement and decided on a move to suspend spot trading for two more trading pairs involving Terraform assets TerraUSD (UST) and Terra (LUNA) which are currently a hot issue following the sharp fall.
In an announcement on the official platform Binance which is a global cryptocurrency exchange stated that they will suspend spot trading for the LUNA/BUSD and UST/BUSD trading pairs due to sharp fluctuations leading to large declines.
(Additional note based on the latest update: Binance has re -allowed trading of the LUNA/BUSD and UST/BUSD pairs after 10.00 p.m)
Binance has previously suspended margin and spot trading pairs involving UST and LUNA. This happened about 8 hours after the exchange announced the removal of margin trading pairs involving Terra (LUNA) which includes cross margin trading pairs such as LUNA/BUSD, LUNA/USDT, LUNA/BTC and isolated margin pairs LUNA/BUSD, LUNA/USDT, LUNA /BTC, LUNA/ETH and LUNA/UST.
Binance announced that they will stop trading by closing the user’s trading positions, running an automatic settlement and canceling all pending orders on the mentioned margin pair.
The crisis of Terra and Luna is escalating. The expectations pinned over time are fading as the price of LUNA continues to fall. It is currently trading at $ 0.00003475 and is ranked 235th.
The Terra development team had to suspend the Terra block and halt production of the block in block 7607789 for about two hours on Thursday to avoid any hacking amid the crisis and try to restructure the plan. Block production resumed shortly thereafter.
In an attempt to stabilize TerraUSD (UST), the development team introduced a burning mechanism which in turn saw a large number of LUNA tokens pumped into distribution with UST holders trying to remove holdings. The move has increased LUNA’s circulating supply from just about 346 million to 6,530.35 billion tokens.
CEO Do Kwon and the Terra team stated that rescue plans are underway to resolve the ongoing crisis but have yet to show results that could rekindle hope. UST is currently trading at 0.15 against the US dollar.
