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Binance CEO Answers the Question about Terra Classic (LUNC) 1.2% Tax Burn Implementation

Changpeng Zhao (CZ), the CEO of Binance, the largest crypto exchange by trading volume, has recently stated that he has answered the question in relation to the implementation of the Terra Classic (LUNC) tax burn on the leading trading platform.

It can be recalled that an AMA where Binance will discuss a 1.2% tax burn was slated to play out today as reported by Times Tabloid a few days ago.

Read Also: Over 180 Million LUNC Burned Since Launching 1.2% LUNC Tax Burn, KuCoin Holds Largest Share

In a recent tweet, CZ Binance suggested that users should be allowed to personally opt-in for the burn, rather than enforcing it against their wish.

CZ Binance tweeted, “I answered the question about LUNC in my Twitter Space AMA just now. Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.”

Read Also: Here’s why FatMan Thinks Terra Classic cannot hit $0.01 Despite LUNC Burn Plans

What Brought About The question?

A 1.2% tax burn will be implemented for all on-chain transactions of Terra Classic tokens, including LUNC and USTC, as earlier reported by Times Tabloid. However, the exchange would not implement the burn proposal on spot or margin trading. It would rather apply only to withdrawals and deposits.

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This decision raised concerns within the Terra Classic community, due to the amount of LUNC tokens being traded on the Binance exchange on a daily basis.

CZ Binance was widely criticized by the teeming Terra Classic community members. They said he once suggested a burn for the recovery of LUNC’s value, but he’s now acting contrary to his suggestion by not fully supporting the burn proposal like other top exchanges.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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