Binance Provides Updates Regarding Terra (LUNA) Network Congestion

Binance Responds to Congestion in the Terra (LUNA) Network 

Terra network is currently witnessing a lag and traffic, resulting in many Terra network withdrawal activities on Binance that are currently waiting. The Binance team claims that they are always checking the network's performance and aiming to deliver the best conceivable experience for all Binance users. 

According to the Binance team, users should remember that there might be some times when Terra (LUNA) network withdrawals are momentarily suspended due to network problems. They also promised to keep all users updated on their blog and Twitter.

Withdrawals in Hiatus

Terra (LUNA) network withdrawals were momentarily put on hold between 12th May 01:30 AM and 12th May 06:10 AM (UTC) because of the many outstanding withdrawal requests. Due to the overburdened infrastructure, just 6 to 9 withdrawals a minute could be transmitted over the network.

Amid the hiatus, Binance rejected all outstanding withdrawal requests to prevent funds from pending in the withdrawal backlog. You may find your withdrawal status in your Transaction History section. The team apologized to all users for any inconveniences they may have caused and pleaded that they rest confident that their cryptos are safe. 

LUNA Has Been Delisted From Exchanges

During instances of high market volume, the most centralized cryptocurrency exchanges frequently fall offline. Amid the meme coin boom in Q4 last year, for example, Coinbase was unavailable. To avoid such issues, certain exchanges have began delisting LUNA, a token that lost over 98% in recent times. 

According to cryptocurrency Twitter users, leading Korean cryptocurrency exchanges are reportedly contemplating eliminating LUNA from their trading platforms. The new positions in the USD/LUNA swap have been closed by PrimeXBT.