Binance and Upbit Make Announcements for 4 Altcoins: Delisting and Suspension!

Winfried S. Krantz
By Winfried S. Krantz Add a Comment
4 Min Read

As the final quarter of 2024 approaches, major cryptocurrency exchanges Binance and Upbit have issued important updates for their users. Binance announced the removal of several margin trading pairs to enhance the trading experience, while Upbit informed its users of a temporary suspension of deposit and withdrawal services for LUNC (Luna Classic) due to an upcoming network upgrade. These updates are crucial for investors, who need to carefully manage their positions and plan accordingly.

Binance Delists Margin Trading Pairs

Effective from September 24, 2024, Binance will be removing specific margin trading pairs from its platform. This move is part of the exchange’s regular updates aimed at improving the trading experience. According to Binance’s official statement, the following pairs will be delisted:

  • Cross Margin Pairs: CHZ/FDUSD, CLV/BTC
  • Isolated Margin Pairs: CHZ/FDUSD, CLV/BTC, RAD/BTC

This decision will directly affect Binance users holding positions in these pairs, and they should take caution. Isolated margin borrowing for these pairs will be suspended starting from September 19, 2024, at 09:00 UTC. After this time, users will no longer be able to borrow on these pairs. Moreover, as of September 24, 2024, at 09:00 UTC, Binance will automatically close all open positions on these pairs, cancel any pending orders, and remove these pairs from the platform entirely.

Binance has encouraged users to transfer their funds from their Margin Wallet to their Spot Wallet before the delisting takes effect. For users unable to trade these pairs, Binance offers other margin trading pairs that remain available. The exchange also reminded users that they will not be held responsible for any losses incurred during this transition, so investors should take the necessary precautions.

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Binance and Upbit Make Announcements for 4 Altcoins: Delisting and Suspension! = The Bit Journal

Upbit Temporarily Suspends LUNC Transactions

Alongside Binance’s announcement, Upbit has informed its users of a significant update. On September 18, 2024, LUNC (Luna Classic) deposits and withdrawals will be temporarily suspended due to a scheduled network upgrade. The suspension will begin at 12:00 UTC and will remain in effect until the upgrade is successfully completed.

According to Upbit’s statement, LUNC trading will remain unaffected, and users can continue trading without interruption. However, no specific date has been provided for when deposit and withdrawal services will resume, so users are advised to plan accordingly. The exchange assured its users that services would be restored once the upgrade is complete and urged investors to stay updated on the latest developments.

Terra Classic and Network Upgrades

As reported by The Bit Journal, Terra Classic (LUNC) is a fork of the Terra blockchain, created following the fork in May 2022. This decentralized blockchain protocol enables users to mint, store, and trade stablecoins, offering real-time transaction capabilities. The announcements from both Binance and Upbit reflect the ongoing adjustments within the Terra Classic ecosystem, and investors should stay informed to avoid disruptions in their trading activities.

In summary, as the cryptocurrency market continues to evolve, staying on top of updates from major exchanges like Binance and Upbit will be crucial for effective position management and investment planning.

Disclaimer

The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.

You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.

Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.

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Content Editor/ Writer Hello, my name is Winfried Krantz and I am a banking analyst and finance journalist with expertise in economics, finance, and cryptocurrency. With over 10 years of experience in the industry, I have a deep understanding of how these fields interact and influence each other.I received my BSc in Finance, Accounting, and Management from the University of Nottingham, where I honed my skills in financial analysis and reporting. Since then, I have worked with a number of leading publications, sharing my insights and helping readers stay up-to-date with the latest trends and developments in the world of finance.
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