Binance Suspends Withdrawals on Terra Network

The Terra (LUNA) network momentarily banned LUNA and UST token withdrawals on 10th May because of many queued withdrawal transactions. In this case, slow and congested internet connections are to blame. Binance will let people withdraw these tokens again when they think the network is stable and the number of withdrawal requests has gone down. Binance Puts Terra Network Withdrawals on Hold Binance has stopped LUNA and UST token withdrawals because the Terra-based stablecoin has trouble regaining its link to the US dollar. In a shared Binance blog post on Twitter this morning, Binance announced its decision to suspend all withdrawals on the Terra Network temporarily. They blamed the high amount of outstanding withdrawal transactions for the suspension. According to the corporation, Binance will let people withdraw these tokens when they think the network is stable and the number of withdrawal requests has gone down. They will not inform users in a subsequent statement. According to CoinMarketCap, UST is the third-biggest stablecoin by total circulation, after USDT and USDC, and the revelation comes at a time of significant volatility for UST. Efforts have been undertaken to strengthen UST. UST’s index will be supported by a $1.5B loan from LFG, a Singapore-based organization established to promote Terra-supported stablecoins and the wider Terra community. The loan will be made to third-party trading businesses on 9th May to ass...