Binance Futures Abolishes LUNA Perpetual Contracts with Coin Margin

As the Terra network cryptocurrencies Luna (LUNA) and TerraUSD (UST) collapse, cryptocurrency exchange Binance continues to disable related trading services.

Binance Futures, the derivatives division of Binance, has officially announced that it has delisted the LUNA perpetual contract with coin margin. presentation May 12.

The platform’s statement states, “Users are advised to close all open positions before the delisting time to avoid automatic settlement.”

Binance Futures has also updated the margin tier for LUNA perpetual contracts with coin margin, reducing the leverage tier by initiating automatic settlements for the contract.

Thus, the 8x leverage tier is now the maximum leverage tier available on Binance for LUNA perpetual contracts and replaces the previous maximum leverage available on the 21-25x. According to the updated data, 11-20x leverage is reduced to 7x and 6-10x leverage is replaced by a 6x leverage tier.

According to the notice, existing positions opened before the update will not be affected.

“Binance reserves the right to further change the maximum leverage and margin tier for LUNA perpetual contracts with USDT margin without further notice,” the company added.

RELATED: Why did Terra LUNA and UST collide? | Find out in the market report

The latest trading update on Binance Futures came shortly after Binance halted withdrawals for LUNA and UST during a massive token sale on the Terra Network on May 10th.

This document is under development and will be updated.

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