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Binance Futures delists coin-margined LUNA perpetual contracts

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Amid collapsing Terra community’s cryptocurrencies Luna (LUNA) and TerraUSD (UST), crypto alternate Binance continues deactivating associated buying and selling companies.

Binance’s derivatives arm Binance Futures has delisted coin-margined LUNA perpetual contracts, the agency formally introduced on May 12.

“Users are advised to close any open positions prior to the delisting time to avoid automatic settlement,” the assertion by the platform reads.

Binance Futures has additionally began conducting computerized settlements on the contracts, decreasing the leverage tiers and updating margin tiers for coin-margined LUNA perpetual contracts.

As such, the 8x leverage tier is now the max leverage tier out there on Binance for LUNA perpetual contracts, changing the sooner most out there leverage of 21-25x. 11-20x leverage is lowered to 7x, whereas 6-10x leverage is changed with a 6x leverage tier, in keeping with the up to date information.

According to the announcement, present positions opened earlier than the replace is not going to be affected.

“Binance reserves the right to further change the max leverage and margin tiers for USDT-margined LUNA perpetual contracts without further notice,” the agency added.

Related: Why did Terra LUNA and UST crash? | Find out on The Market Report

The newest buying and selling updates on Binance Futures come quickly after Binance suspended withdrawals for LUNA and UST on May 10 amid a large selloff of tokens on the Terra community, with the UST stablecoin dropping its peg to the United States greenback and crashing to $0.67.

This article is growing and will probably be up to date.