Binance Suspends Withdrawals on LUNA and UST Tokens

Binance, the world's largest crypto exchange by volume, announced today that withdrawals for LUNA and UST tokens on the Terra (LUNA) network were 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.

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Binance will reopen withdrawals for these tokens once it deems the network to be stable and the volume of pending withdrawals has reduced. The exchange will not notify users in a further announcement.

Shortly before, Fazzaco reported that Binance was ordered by the Spanish securities regulator, the CNMV​, to stop offering cryptocurrency derivative products to customers in the country.