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Binance pulls the plug on TerraUSD (UST) trading pairs

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The world’s largest cryptocurrency exchange will delist a number of trading pairs linked to TerraUSD (UST), an algorithmic stablecoin that has been in a freefall since earlier this week.

See related article: Tether stabilizes after burning 3 billion tokens amid redemptions

Fast facts

  • Binance Friday said it will remove and cease the trading of several spot trading pairs, including BTC-UST, LUNA-UST, ETH-UST, BNB-UST and UST-USDT.

  • The world’s largest cryptocurrency exchange did not give a reason for the move.

  • The crypto exchange’s decision comes as UST, which should be tentatively pegged to the U.S. dollar, plunged to US$0.1946 at the time of publishing, according to CoinMarketCap data.

  • Meanwhile, Binance also will delist a number of LUNA trading pairs, the company said in a separate statement on Friday.

  • The price of LUNA, designed to keep UST pegged to the greenback, fell as low as $0.0024 on the exchange operated by Binance on Friday morning Asia time, down 98.6% over the past 24 hours.

  • Singapore-based cryptocurrency exchange Bybit also said on Friday that it will delist spot trading pairs of BTC-UST, ETH-UST and LUNA-BTC.

See related article: Terra’s UST fiasco cited by Yellen, who warns about stablecoins