Binance Futures, the derivatives branch of Binance, has delisted coin-margined LUNA perpetual contracts after massive liquidations on the Terra network.
The exchange has requested its users to wind up open positions before the delisting time set at 08:00UTC on May 12. The team adds that unclosed positions will be settled automatically.
The firm has begun to execute automatic settlements on the contracts, cutting the leverage tiers and updating margin tiers for the coin-margined LINA perpetual contracts.
The announcement, which excluded the position opened before the update, gave the reserve rights to adjust the maximum leverage to the exchange. UST stablecoin sank to as low as $0.3, causing a domino effect in the crypto space.
Binance initially suspended LUNA and UST withdrawals, citing network congestion as traders flocked the site to dispose of their holdings.