Luna Delisting: Binance delists LUNA while Terra proposes token burn to save UST
Concerned Luna holders are checking exchanges for a delisting or trading suspension as a result of the historic Luna coin fall.
While new Binance and Coinbase listings are common, delistings are also common, albeit for minor pairings that do not trade in the volume that Luna does.
Luna is still down 99.9% despite the Luna recovery strategy in place. So, given the current market volatility, let's see whether anyone is deleting or suspending Luna or TerraUSD trade.
Binance Removes Terra Luna Futures; Is Luna Being Removed Elsewhere?
Binance Futures has decided to temporarily halt trading on Terra LUNA futures due to the extraordinary Luna fall.
Binance's futures division indicated in an updated blog post that it is taking safeguards for Coin-Margined Luna perpetual contracts on its exchange, temporarily halting Terra Luna futures trading.
Binance Futures has also announced that from May 12th, the maximum leverage of USDT-Margined Luna perpetual futures would be reduced to 8x.
Binance Futures has also said that the LUNA/USDT futures may be delisted. "Binance will move to delist the contracts if the price of the LUNA/USDT contracts falls below 0.005 $USDT," it tweeted.
Should the price of the LUNA/USDT contracts go below 0.005 $USDT, #Binance shall proceed to delist the contracts.
— Binance (@binance) May 12, 2022
Any further information including the delisting time will be announced accordingly.
Binance had already blocked Terra Luna transactions on its exchange due to network congestion. The network congestion is still present, with a large number of outstanding Terra transactions.
Luna trading and withdrawals have also been banned on Crypto.com's exchange and app.
Bybit has also announced that the LUNA/BTC combination would be delisted after it triggered Bybit's delisting protocols. "We've chosen to delist this trading pair from Bybit's Spot platform to shield our traders from unanticipated price volatility," it stated.
On the platform, the LUNA/USDT and LUNA/USDC pairings are still accessible.
While some Luna pairings and futures contracts have been delisted and trade halted, no exchanges have completely removed all Luna pairs.
While some Luna pairings and futures contracts have been delisted and trade halted, no exchanges have completely removed all Luna pairs.
Coinbase, on the other hand, may have the opposite issue. It had previously said that Luna will be listed by June 30 with Project Galaxy, Flow, and Kusama.
Luna is currently trading at $0.009, down 99.9%. Prior to the collapse, in early April, had reached an all-time high of $119. TerraUSD, an algorithmic stablecoin that was also affected by the meltdown, is still unpegged and trading at $0.42.