Binance Removes LUNA Futures, Margin Pairs and Spot Trading Pairs

Luna the governance token behind the Terra ecosystem The Token has fallen so much, so fast that Binance the world's largest crypto exchange is turning its back against it. 

Binance Removes LUNA Futures, Margin Pairs and Spot Trading Pairs

On May 12, Bincne declared the suspension of perpetual contracts on the LUNA/USDT pair after lowering the authorized leverage to 8x. 

This move comes after a series of events that caused the price of LUNA to plummet by more than 99% inflicting millions of dollars in losses to investors in the crypto community. 

Luna kept falling with no signs of stopping just hours after the previous declaration. Binance said it would be removing cross and isolated margin pairs, spot trading pairs BUSD margined perpetual contracts on LUNA, basically saying goodbye to the so hyped cryptocurrency. 

This move is not spontaneous. One day before, on May 11, Binance reduced the maximum leverage on LUNA futures to 8X after seeing a massive wave of liquidations due to overleveraged positions. Anyone trying to save a long leveraged position during that day would have lost it, as the LUNA token is currently trading at less than $0.005.

CEO of Binance Changepeng Zhao warned via his official Twitter account that it was necessary to respect the market when trading it since. it is a "new market" with new Stablecoins, that "When they are hot," they are all the rage. When they drop. it can be a vicious circle". This message was related to all that was happening with UST.

On May 11, the price of LUNA fell from $40 to less than $1 Such was the case that there were even people in the Reddit community who spoke of suicide. 

Terra's project went down to just under $500 in total assets. And this is not counting those who froze their money in the secure UST Stablecoin. even though UST was designed to be worth 1$. the token crashed from 1$ to $0.2.

The team behind Terra (LUNA) declared that they are working on specific measures to bring the project back to life, however so far the actions taken seem not to behave impacted the broader market sentiment.

Terra founder Do Kwon stated on May 11 that they are working to bring the project back other exchanges may follow in Binance's footsteps and end up delisting LUNA/USDT trading until further notice.

Read: Terra Validators have halted the Blockchain to come up with a plan to reconstitute it.

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