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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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.
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