Binance relists LUNA, UST BUSD

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Binance relists LUNA, UST BUSD

After being taken down early May 13th, Binance said it will relist LUNA BUSD and UST BUSD.

After a historic week in criptocurrency where UST dropped to 11 cents and LUNA lost 99.999% of its value, the world's largest exchange has reactivated trading in the BUSD pairs.

Both coins were relisted with the CEO of Binance, CZ, saying that there had been almost no communication from the Terra team regarding a recovery plan. He stated that the decision was made to protect our users at this time. The trading was stopped for less than 24 hours before it was restarted. The relisting was delayed by several hours but is now live with LUNA trading around $0.07 and UST at $0.09. CZ urged extreme caution when trading these coins, saying:

I was in a no-phone meeting for 2 hrs. There is progress at least. Deposits, withdrawals and trading resumed. The nature of the no-phone meeting or who was involved is unknown. There is a possibility that extremely sensitive information may have been discussed due to the removal of any potential recording devices.

In a previous tweet, CZ also condemned how the matter was handled, saying :

Several proposals are being reviewed by the Terra community to try to salvage what is left of the ecosystem. There have been no confirmed reports of what will be done.

The number of LUNA tokens currently in circulation is 6.5 trillion coins, with a market cap of $600 million. It is not known how long it takes to keep the UST peg as CZ declared that there would be no more minting.

UST has always been pegged to $1 worth of LUNA. If LUNA is not burned or minted in relation to UST, how can it retain a peg?