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Binance resumes LUNA, UST trading
CZ Binance, founder, and CEO of Binance announced on Twitter, that the temporary suspension of Terra's Luna and UST trading on the platform has been lifted.
Luna may be permitted to trade on Binance again, but there are still concerns about its security and reliability. CZ noted in his tweet announcing the start of the Luna trade on Binance that although the Blockchain is up and running again, there will be no minting for the time being.
He cautioned traders against buying coins and tasked their own study before acting on the statement, unwilling to leave space for criticism.
On Thursday, 12th May 2022, Terra announced its plan to stop block production after hitting an all time low that saw its value go as low as $0.000033.
A few hours later, block manufacturing resumed, but in the early hours of Friday, another notification was made. Terra announced a halt to its blockchain production via its official Twitter account.
On Friday, news of the start of Luna spot trading on Binance was published in a thorough tweet that listed the date and exact hour, allowing deposits and withdrawals to be made.
Terra Blockchain announced the commencement of block production in a public post on Twitter.
According to their official report, traders should be aware of the wormhole bridge's absence, as well as the fact that on-chain swaps would be prohibited and IBC channels will be closed, while “users are encouraged to bridge off-chain assets, such as bETH, to their original chains.”