Due to a hike in the UST & Luna coin activities amid the market crash situation, Binance halted the withdrawal of the UST coin.
Binance is a popular crypto exchange, which is standing at the first rank in the crypto market due to its highly quality-based secured crypto services for pro and new users. The exchange has a hand in almost every business of the crypto industry and also exchange is continuously working to push the adoption of crypto in the world through better education programs.
On the morning of 10 May, the Binance exchange halted the withdrawal of the UST stable coin & Luna coin temporarily.
Withdrawals on Terra Network $LUNA temporarily suspended.https://t.co/hIGrAEzOwD
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
— Binance (@binance) May 10, 2022
The main reason behind the withdrawal of these two coins, was the sudden hike in the traffic on Terra blockchain Network, which resulted in huge numbers of pending withdrawals.
” temporarily suspended on 2022-05-10 at 02:20 AM UTC due to a high volume of pending withdrawal transactions. This is caused by network slowness and congestion.”
However on the same day, Binance restarted the withdrawal of Luan and UST but still, UST is under some hurdles. Binance exchange already stated that it will monitor the issues with this network to take action in favor of the crypto users.
“Withdrawals for $LUNA and $UST on the Terra network have now resumed on Binance. We will continue to monitor the network conditions and provide further updates here if required.”
At present time, Luna can be sent or withdrawn on Binance exchange but the UST coin is under a partial situation. On one side Terra network is congested, on the other hand, Binance Smart Chain (BSC) network has been fully suspended to use.
UST, Luna coin crash & Opportunity
On 10 May, UST stable coin faced a huge correction in its $1 stable price. Today UST is still 21% down. At present time, the Luna coin is 71.44% down over the last 24 hours’ trade value, which is worse than bad.
On 10 May, when the UST coin faced rapid correction, many people started to transfer it to other exchanges to sell at a $1 price which resulted in a huge network load. To know in detail about UST & Luna crash story, click here.
Read also: Appropriate framework needed on stablecoins like UST, says US Treasury Secretary
Binance exchange partially halts UST Withdrawal
https://bitcoinik.com/binance-exchange-partially-halts-ust-withdrawal/feed/
https://bitcoinik.com/binance-exchange-partially-halts-ust-withdrawal/feed/
