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.

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.

Read full story at: https://cryptounity.news/binance-removes-luna-futures-margin-pairs-and-spot-trading-pairs

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