Binance, one of the world’s largest cryptocurrency exchanges, confirmed today that the company has suspended the trading for LUNA and UST amid issues on the Terra blockchain . The recent news from the crypto trading platform came after LUNA plunged by more than 99% within a few days.
“Binance will suspend spot trading for the LUNA/BUSD and UST/BUSD trading pairs at 08:30 AM (UTC) on 2022-05-13. Withdrawals for LUNA and UST will open when the network becomes stable. We are continuing to work with the project team to create a more stable environment for users and will keep the community updated accordingly,” Binance noted.
In a series of Tweets on 13 May, Changpeng Zhao (CZ), the Chief Executive Officer at Binance, cleared the situation regarding LUNA and expressed his disappointment with the way the Terra team handled the recent situation. He ensured Binance users that the company is committed to providing a secure and protective environment for crypto traders.
“I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response or much response at all. This is in sharp contrast to Axie Infinity, where the team took accountability, had a plan, and were communicating with us proactively. And, we helped,” CZ Tweeted.
Crypto Crash
The crypto market has already been going through a major correction during the past few months. The Terra incident has accelerated the sell-off across the crypto ecosystem. As a result, the crypto market cap dropped to its lowest level in more than 1 year.
Terra entered the list of the world’s top 10 digital currencies in 2022. However, due to the recent crash, investors lost billions of dollars within a matter of few days.
