Binance halts Luna and UST trading across most of its spot pairs following meltdown

Binance, the world’s largest cryptocurrency exchange, has halted the trading of Terraform Labs’ Terra (Luna) and TerraUSD (UST) tokens on its platform following one of the industry’s biggest meltdowns.The exchange indefinitely suspended the trading of Luna and UST tokens across all its spot, cross margins, isolated margins pairs after the tokens lost nearly 100% of their value in a span of days.The move, which follows the exchange pulling support for trading of futures contracts for the Luna token earlier on Thursday, comes as Terraform Labs has increased the circulating supply of Luna tokens to over 6.5 trillion, up from 386 million three days ago (according to Terrascope, a tool that tracks Terra stats) in an attempt to push its sister token, a supposed stablecoin, to regain its 1-to-1 peg to the dollar.Scores of other crypto exchanges including FTX, Crypto.com, KuCoin, OKX and CoinDCX have taken steps in recent hours to address the incident.In the meantime, Terraform Labs has said it is halting the Terra blockchain and is working to “come up with a plan to reconstitute it.” It’s the second time the Terra blockchain has been frozen this week.