Terra (LUNA) price gradually approached 0, while the first delist news started to come from South Korean stock markets around $40. Then, Binance announced that it will stop trading if the price drops below $0.005. Subsequently, BitMEX removed LUNA from its list. However, as Binance CEO CZ stated during the day, investors continue to buy LUNA…
Exchanges stop trading LUNA to protect investors
Almost Within a week, the entire cryptocurrency market was turned upside down. All the action taken to push the UST price back to $1 fueled the fire. Terra (LUNA) was delisted primarily from South Korean exchanges, followed by Binance, BitMEX and OKX. Coinbase announced that it will suspend UST and WLUNA trading on May 27. However, as the LUNA price drops to as low as $0.00003, unaware investors continue to buy. Binance CEO CZ explained why UST and LUNA were delisted today:
Some of our users, unaware of the large volumes of newly minted LUNA off-exchange, are trying to buy Terra again without realizing that as soon as deposits are allowed, the price will drop further. they started. DUE TO SIGNIFICANT RISKS, WE HAVE SUSPENDED OPERATIONS.
3. Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.
— CZ 🔶 Binance (@cz_binance) May 13, 2022
Investors are on these exchanges after Binance and OKX delist trading
More than 2 billion LUNA were transferred to South Korean exchanges after Binance decided to delist UST and LUNA due to high volatility. According to South Korea’s local news outlet Money Today, the number of LUNAs on the Upbit exchange currently stands at around 1.5 billion. Meanwhile, the other three exchanges Bithumb, Coinone, and Korbit hold around 2.5 billion LUNA. An official from the Financial Intelligence Unit (FIU) says:
The current Terra incident is about checking the status of the measures taken by the exchange to prevent further harm to investors. It is a situation that we cannot directly intervene and take precautions against.
While the price of LUNA continues to fall, South Korean users continue to brik Terra. On the other hand, Terra and the Luna Foundation Guard are working to increase the Terra supply to prevent the UST stablecoin from crashing. As we reported in the news of Cryptokoin.com , the world’s largest crypto exchange Binance has stopped trading LUNA and UST. Meanwhile, other exchanges, including OKX, also delisted the LUNA and UST trading pairs. OKX exchange announced today that it is ending the UST trading market.
#OKX to delist margin trading, savings and perpetual for $LUNA, $ANC and $MIR.
— OKX (@okx) May 13, 2022
