Binance Announces LUNC, USTC Deposit And Withdrawal Changes

The world’s largest crypto exchange Binance on Friday said the deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) will be suspended from September 7 at 00.00 UTC due to the closure of the Shuttle Bridge. However, users can continue to deposit and withdraw LUNC and USTC tokens through the Terra Classic network.

LUNC and USTC Deposits and Withdrawal Suspended

Binance, in an official announcement, on September 2 revealed the deposits and withdrawals of Terra Classic (LUNC) via the Ethereum network and TerraClassicUSD (USTC) via BNB Smart Chain (BEP20), Ethereum network (ERC20), and Polygon network will be available until September 7.

Binance supported LUNC deposits and withdrawals through the Ethereum network (ERC20) and Terra Classic network. Also, supported USTC deposits and withdrawals through BNB Smart Chain (BEP20), Ethereum network (ERC20), Polygon network, and Terra Classic network.

However, the Shuttle Bridge closure will impact deposits and withdrawals through other networks. But, users can still deposit and withdraw their LUNC and USTC tokens through the Terra Classic network.

Binance recommends avoiding Terra Classic and USTC deposits and withdrawals near the deadline. Deposits and withdrawals made after the deadline will not credit to respective accounts.

Moreover, Spot and Margin trading for LUNC and USTC, including Binance Earn services will continue to run smoothly. Binance will handle all technical requirements for users facing problems related to token transfers through the Shuttle Bridge during the period.

“Please note that withdrawals may take longer than usual to process when there is a large number of pending transactions.”

Terra Tokens Witnessing Record Daily Volumes

Terra tokens LUNA, LUNC, and USTC witnessing a massive rise in daily trading volume. Interestingly, Terra Classic (LUNC) records a daily transaction volume of over 1.4 billion, with the price rising over 100% due to staking, continuous burning, and the 1.2% burn tax proposal. The community wants Binance to announce their support for LUNC burning.

Currently, the Terra Classic price is trading at $0.000246, down nearly 3% in the last 24 hours. Moreover, the LUNA and USTC prices have also plummeted after the profit booking.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.