While Luna (LUNA) and TerraUSD (UST) continue to collapse, popular crypto exchange Binance continues to deactivate its related trading services.
Advice to close open positions
For example, Binance’s derivatives arm, Binance Futures, has now scrapped Luna’s perpetual contracts with coin margin. The platform reports the following about this:
“Users are advised to close open positions before the delisting time to avoid automatic settlement.”
In addition, Binance Futures has also started executing automatic contract settlements, reducing leverage levels and updating margins for LUNA perpetual contracts with coin margin.
Significantly reduced leverage
As a result, the maximum leverage for LUNA contracts is currently 8x, compared to a maximum of 25x previously. According to the announcement, existing positions opened before the update will not be affected. To this, the company added:
“Binance reserves the right to change the maximum leverage and margins for USDT margin perpetual LUNA contracts without further notice.”