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Binance Futures is delisting coin-margined LUNA perpetual contracts

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Amid the collapse of Terra Network cryptocurrencies Luna (LUNA) and TerraUSD (UST), crypto exchange Binance continues to disable related trading services.

Binance’s derivatives arm, Binance Futures, has delisted coin-margin LUNA perpetual contracts, the company officially announced on May 12.

“Users are advised to close all open positions before the delisting time to avoid automatic settlement,” the platform’s statement said.

Binance Futures has also started performing auto-settlements for the contracts, reducing leverage levels and updating margin levels for coin-margined LUNA perpetual contracts.

Therefore, the 8x leverage level is now the maximum leverage level available on Binance for LUNA perpetual contracts, replacing the previous maximum available leverage of 21-25x. The 11x-20x leverage will be reduced to 7x, while the 6x-10x leverage will be replaced with a 6x leverage level according to the updated data.

According to the announcement, existing positions opened prior to the update will not be affected.

“Binance reserves the right to further change maximum leverage and margin tiers for perpetual contracts with USDT margin without further notice,” the firm added.

Related: Why did Terra LUNA and UST crash? | Check out the market report

The latest trading updates on Binance Futures come shortly after Binance suspended withdrawals for LUNA and UST on May 10 amid a massive token sell-off on the Terra Network, with the UST stablecoin losing its peg to the US Dollar and falling to 0, $67 crashed.

This article is under development and will be updated.