Operations on Binance (BNB) for Ethereum (ETH) and Terra (LUNA) are Hampered by Congestion: CZ

Aghavni Nahapetyan

30 June, 2022 04:50

Changpeng Zhao, the CEO and co-founder of Binance, acknowledges certain issues with Terra (LUNA) and Ethereum (ETH) transfers as the markets have barely recovered from a record fall.

Ethereum and Terra operations on Binance are affected by blockchain congestion and node issues.

Mr. Zhao informed his followers on Twitter that network congestion might have an impact on some users’ Terra (LUNA) and Ethereum (ETH) transactions when using his exchange, Binance (BNB).

Some blockchain congestion and node syncing issues with ETH (also high fees) and LUNA, deposit and withdrawals may take longer than usual to process. Other networks all working fine. Our teams are monitoring closely. Funds are #SAFU. 🙏
— CZ 🔶 Binance (@cz_binance) May 11, 2022

The heavily taxed Ethereum (ETH) blockchain, which is also experiencing high fees, is to blame for these issues. Additionally, some LUNA withdrawals and deposits might take longer than anticipated.

He emphasized that all money are SAFU and that professionals from Binance (BNB) are closely watching the situation. Additionally, other networks are unaffected, according to his post.

However, users in numerous locations lost access to Binance P2P trading.

The delisting of LUNA has started on exchanges

During times of heightened market activity, the most centralized bitcoin exchanges frequently fall offline. For instance, during the Q4 2021 meme coin mania, Coinbase was unavailable.

Some exchanges started delisting Terra (LUNA), a cryptocurrency that has fallen by more than 98 percent in recent days, in order to avoid such issues. Major Korean exchanges are reportedly considering deleting Terra from their trading toolkits, according to cryptocurrency Twitter users.

Korean exchanges moving to potentially delist $LUNA pic.twitter.com/mwSQX0J1e4
— Doo | StableNode @Dubai (@DooWanNam) May 11, 2022

PrimeXBT, a platform for trading derivatives, has already already prohibited opening new positions in the LUNA/USD pair and closed open ones.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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