Bybit delisted Derivatives token LUNAUSD. The exchange has taken measures to protect its consumers.
The crypto market is currently witnessing the fall of the Luna token, whose value has gone down by 99% and is currently trading at $0.02295, at the time of writing, according to CoinMarketCap.
Amidst this scenario, crypto exchanges have started delisting the token from their platform. After Binance and Crypto.com, the cryptocurrency exchange, Bybit has also delisted the LUNAUSD Inverse Contract on May 12 at 8 AM UTC. The announcement came from their official site.
At 7:30 AM UTC, the exchange issued a warning to its customers regarding high liquidation risks if their existing active orders and open positions of the token were still not closed. It also informed that that exchange was supporting “only position closing via reduce-only orders”.
Bybit also adopted a few methods to protect their consumers as there have been wild fluctuations in the market recently. It has reserved rights to delist any derivatives contract if its index price goes below tick size *50 without prior information. It has also mandated that traders can place reduce-only orders if its index price hits tick size *100.
After half an hour, the exchange sent another update at 8 AM UTC, when they announced that they will not be supporting the trading of the Derivatives Contract and that they have delisted it. They also canceled the active and conditional orders and will also be closing according to the best available price with a taker fee.