Breaking: Binance Announces LUNC, USTC Deposit And Withdrawal Changes

The deposits and withdrawals of Terra Classic (LUNC) and TerraClassicUSD (USTC) will be suspended on Binance.
By Varinder Singh
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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.

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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.”

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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.

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Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
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