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Home Crypto News Market Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

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Gemini follows Coinbase to halt UST trading.


Following the crash of the Terra ecosystem tokens and the de-peg of TerraUSD (UST), U.S.-based cryptocurrency exchange Gemini has announced that it will be halting trading for the stablecoin next week.

The exchange, owned by Tyler and Cameron Winklevoss, announced via its Twitter account that trading of the stablecoin will be suspended on May 27 at around 5pm ET.

According to the announcement, after the suspension of UST trading, the stablecoin will still be available to trade via its ActiveTrader web platform in a limit-only mode.

Gemini ActiveTrader is a cryptocurrency trading interface offering order types, additional trading pairs, advanced charting, as well as deep order book visibility.

Furthermore, Gemini stated that UST withdrawals will still be allowed to compatible Ethereum wallets even after trading of the stablecoin is halted.

 

“We are closely monitoring the current status of $LUNA and it remains available in limit-only mode,” Gemini added.

Exchanges Suspend UST Ahead of Terra Fork

The announcement follows that of San Francisco-based exchange Coinbase, which also intends to halt trading of UST on its trading platform on May 27 following the volatility surrounding the TerraForm ecosystem assets.

It is worth noting that the date that trading of UST will be halted on both Coinbase and Gemini is the same date a decision will be taken by the Terra team, which will determine whether a new chain and LUNA tokens will be created.

Apparently, exchanges are trying to protect their clients from any negative effects that may arise from the creation of a new Terra chain.

At press time, UST is changing hands at around $0.05 across various trading platforms, representing a 22% decline in value in the last 24 hours.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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