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Binance Removes LUNA Perpetual Contracts

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Global cryptocurrency exchange Binance has temporarily stopped withdrawals for LUNA and UST, following the steep decline of digital tokens.

Source: Binance

LUNA is down 96.47%, while UST is up 77.08%.

Binance on Tuesday officially delisted coin-margined LUNA perpetual contracts and advised users to close any open positions ahead of the scheduled delisting to prevent automatic settlement.

Binance Futures also began automatic settlements on the contracts, cutting down leverage tiers and updating margin tiers for perpetual contracts for coin-margined LUNA.

The exchange said existing positions which were opened prior to the update will not be impacted, but it reserves the right to make additional adjustments on the max leverage and margin tiers without prior notice.

The latest developments come amid a selloff of tokens on the Terra network, causing the UST stablecoin to lose its peg to the greenback.

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