Binance, the world’s largest cryptocurrency exchange by trading volume, announced the resumption of spot trading for the Terra (LUNA) and TerraUSD (UST) pairs.
The crypto exchange had previously paused LUNA/BUSD and UST/BUSD trading following the Terra collapse. Binance’s move to reopen trading indicates the exchange believes the market could still see a recovery of the UST stablecoin and the currently distressed LUNA token.
In its announcement, the exchange told users the decision follows actions by Terra blockchain validators to “resume block production, disable in-chain swaps and close IBC channels.”
“Binance will resume spot trading for the following trading pairs at 2:00pm UTC, May 13 2022: LUNA/BUSD and UST/BUSD.”
Binance will resume spot trading for the following trading pairs at 2:00pm UTC, May 13 2022.
🔸 LUNA/BUSD
🔸 UST/BUSDhttps://t.co/T4oD0dQdHT— Binance (@binance) May 13, 2022
Users are also able to deposit and withdraw the cryptocurrencies, although customers are urged to exercise due diligence before proceeding.
“Deposits and withdrawals for $LUNA and $UST will also be opened. Please ensure you conduct your own research into the fundamentals of $LUNA and $UST before trading,” Binance said.
However, Binance removed these two tokens from its Convert and Earn products Convert and Earn.
UST remains detached from the dollar after losing its peg on May 9 and is currently down approximately 79%.