Binance delists LUNA and UST amid catastrophic losses

The Terra ecosystem is not getting any better, as Binance has decided to delist the LUNA and UST trading pairs.

Binance, the world's largest cryptocurrency exchange by volume, announced the withdrawal of LUNA margin and spot trading pairings on May 13.

At 00:40 UTC, the exchange will delete and stop trading, shut users' positions, perform an automatic settlement, and cancel all pending orders.

LUNA/BTC, LUNA/BIDR, LUNA/AUD, LUNA/BNB, LUNA/ETH, LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY, and LUNA/EUR were among the spot trading pairings that were withdrawn.

It was also discontinuing UST stablecoin trading, eliminating the following pairs:

BTC/USDT, LUNA/USDT, ETH/USDT, BNB/USDT, and UST/USDT are all examples of exchange rates. The BUSD-margined perpetual contract LUNA/BUSD was likewise dropped.

CoinGecko showed that LUNA has dropped to zero, or $0.00001944 in the past 24-hour.

According to the platform, the currency has now lost 100% of its value and has a circulating quantity of 6.5 trillion tokens.

With this tweet, gold bug and crypto skeptic Peter Schiff couldn't help himself:

“Terra Luna provides a perfect example of why you shouldn’t always “buy the dip.” Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto.”

Note that UST is still in the game even though the previously third-largest stablecoin was hanging at $0.168.

UST has dropped 69.74%t in 24 hours to $0.194, according to Coinmarketcap. On Binance, the price of the UST/BUSD trading pair is $0.085.