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Binance Sets AMA Date for Terra Classic Team in a Bid to Reconsider Decision On 1.2% LUNC Tax Burn

Although Binance, the world’s largest crypto exchange by trading volume, agreed to implement the 1.2% LUNC tax burn for the Terra Classic community, the exchange said it will be limited to transactions related to withdrawal and deposit. But the teeming community members want the top exchange to extend it to spot and margin trading.

As always, Binance listened to the grievances of the LUNC community and promises to keep an eye on the results of the most recent changes to decide whether it will reconsider its decision to implement the LUNC tax proposal on both spot and margin trading.

Read Also: Binance Boosts Terra Classic Chain, Adds “Convert” Feature For LUNC and USTC

Binance said, “According to the proposal, we introduced a 1.2% tax burn for on-chain transactions. We settle most transactions off the chain, making it difficult for the tax to be levied. Yet, we would closely monitor the effect of the change and might review the decision.”

Terra Classic Team to Hold AMA with Binance

Terra Classic community knows the importance of securing the full support of the largest crypto exchange in the world. So, they continue to use every means possible to canvass Binance’s full backing.

According to a Twitter handle named LUNC Burn, Binance has set the 22nd of September for an Ask Me Anything (AMA) with the Terra Classic team.

The team is expected to use this medium to discuss and resolve issues related to the implementation of the LUNC tax proposal on the crypto exchange.

Going by the report, people from Ed and Vegas will also be part of the AMA.

Read Also: Binance Launches LUNC Against USDT Trading Pair Amidst Terra Classic Price Explosion


LUNC Burn wrote, “Huge ama coming up with @binance, @edk208, @VegasMorph and other members of @TerraRebels 22nd September, remember the date and be there #lunc #lunaclassic.”

According to CZ Binance, as captioned by the LUNC Burn Twitter handle, Terra blockchain has to implement the burn first before the exchange can know what next to do.

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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, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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