Binance Delists LUNA USDT-Margined Contract as LUNA Price Drops to All-Time Low

Binance, a cryptocurrency exchange that provides a platform for trading various cryptocurrencies, announced that Binance Futures has delisted LUNA USDT-margined contract at 2022-05-12 15:30 (UTC) as LUNA price plunged over 99%.

Traders are not allowed to open positions of the delisted asset, but only allowed to close their positions, i.e. placing reduce-only orders 10 minutes before the cessation of trading.

Prior to initiating the delisting process, the exchange said it will delist LUNAUSDT contracts if the price of these contracts go below 0.005 USDT. Moreover, it will launch LUNABUSD perpetual contracts at 2022-05-12 15:00 (UTC) with tick size of 0.00001. BUSD-margined LUNA futures contracts use BUSD as collateral. Users can select between 1-8x leverage. 

LUNA is the native token of Terra, a blockchain founded in January 2018 that launched its mainnet in April 2019. The LUNA price has fallen dramatically in the past 7 days. In the past 24 hours, its price declined by 99.99%, hitting a low of $0.00004 on Binance. As per CoinMarketCap, the live LUNA price stood at $0.008824 USD with a 24-hour trading volume of $2,127,332,649,720 USD as of press time.

Let's recall that, LUNA reached its all-time high of $119.18 on April 5 this year. The collapse wiped out the fortunes of crypto investors. Elon Musk, the founder of the electric car maker Tesla (TSLA), lost 1.48B, while Zhao Changpeng, the founder of Binance, lost $29.6 million.