As the crypto community still tries to decipher Terra’s ongoing pegging-de-pegging fiasco in relation to its stablecoin offering TerraUSD (UST), major crypto exchange Binance temporarily suspended the withdrawals for LUNA and UST on Tuesday. 

The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1.00 price point as LUNA’s price witnessed a sharp decline owing to a major selloff. At the same time, the BTC/UST trading pair on Binance reached highs of more than $42,000, while other Bitcoin dollar markets struggled to preserve $30,000, as reported by Cointelegraph.

As a reactionary measure against the ongoing uncertainty within the Terra ecosystem, Binance suspended all withdrawals for LUNA and UST tokens for six hours (between midnight to 6:00 AM EST), citing a high volume of pending withdrawal transactions. 

According to Binance, the high volume of pending UST transactions is due to network slowness and congestion. While acknowledging the possible inconvenience to its investors, Binance stated:

“Binance will reopen withdrawals for these tokens once we deem the network to be stable and the volume of pending withdrawals has reduced. We will…

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