Crypto exchange OKX has delisted margin and borrowing services for Terra ecosystem tokens such as Luna (LUNA), anchor (ANC) and mirror (MIR). It would also terminate spot listings against terraUSD (UST) later on Friday, the company confirmed in an email to CoinDesk.
OKX will terminate the exchange-traded UST market at 10:00 am UTC on May 13, 2022, for bitcoin (BTC), avalanche (AVAX), solana (SOL), and ether (ETH).
The borrowing function for Terra ecosystem tokens LUNA, ANC, and MIR closed after 04:00 am UTC on Friday. Margin trading services were suspended, and all market orders were canceled. In addition, perpetual swaps were suspended at 8:00 am UTC.
“Seismic crypto market movements like we’ve seen this week tend to deliver some pretty brutal lessons,” explained Lennix Lai, Director at OKX, in an email. “We’re seeing a flight away from direct investment in DeFi protocols in the wake of UST breakdown.”
“The reality is that centralized exchanges are set up to provide much greater levels of protection for users whatever the markets are doing,” Lai added.
UST slumped to as low as 22 cents earlier this week amid a bank run. Prices of its related LUNA token dropped 99.7% to pennies on Thursday from levels above $60 earlier this week.
LUNA and other tokens continue to trade on crypto exchanges FTX and Gate at writing time. Popular exchanges like Binance suspended trading on Thursday citing user risks.