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.
1/3 Gemini will suspend trading for $UST and $MIR on May 27th on or around 5pm ET. Custody and withdrawals to Ethereum compatible wallets will still be supported after trading is suspended.
— Gemini (@Gemini) May 20, 2022
“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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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