The biggest cryptocurrency exchange Binance announced it has delisted coin-margined LUNA perpetual contracts.
The announcement reads, “Users are advised to close any open positions prior to the delisting time to avoid automatic settlement.”
Binance Futures also has begun to settle contracts automatically, lowering leverage tiers and modifying margin tiers for coin-margined LUNA perpetual contracts.
The 8x leverage tier has replaced the 21-25x leverage tier as the largest leverage tier available on Binance for LUNA perpetual contracts. 6-10x leverage is replaced with a 6x leverage layer, while 11-20x leverage is reduced to 7x.
Current positions will not be affected by the change, and Binance reserves the right to adjust the maximum leverage and margin tiers for USDT-margined LUNA perpetual contracts at any time without warning.
The new Binance Futures trading updates come after Binance stopped LUNA and UST withdrawals due to a huge sell-off of tokens on the Terra network, with the UST stablecoin losing its dollar peg and plummeting to $0.67.
Also Read: Why Terra Luna is Crashing Down with its Stablecoin UST?
On May 11th, the UST stablecoin fell to $0.30, while Terra’s LUNA had lost almost 99% of its value at the time of writing. The situation caused a frenzy in the community with the overall market capitalization plunging by nearly $600 billion.
