TAM Shams – Friday, May 13, 2022 02:41 PM – Global cryptocurrency exchange Binance has suspended trading pairs with the Terra ecosystem cryptocurrencies, Luna and Terra USD (UST), on its platform following the massive collapse of the algorithmic stablecoin.
Binance confirmed the move on May 13, suspending spot trading in the Luna vs BUSD and UST vs BUSD trading pairs. It is not clear when the Luna and UST withdrawals will continue, as the cryptocurrency exchange has stated that it will wait for issues with the Terra network to be resolved.
It is the latest move by the world’s largest cryptocurrency exchange by trading volume after one of the most significant black swan events to hit the field since the inception of Bitcoin (BTC) in 2009.
Binance Futures wrote off perpetual Luna contracts in coins on margin Thursday despite plans to bail out troubled Luna and UST. The Terra Blockchain auditors were forced to shut down the network on May 12 in an effort to stop potential governance attacks following the collapse of the network’s Luna token.
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