The world’s top exchange, Binance, has announced that it will support Terra (LUNA) Tax Burn.
Binance, the world’s largest cryptocurrency exchange by trading volume, announced wallet maintenance for the Terra Luna classic network, which will start on September 8, 2022, at 06:00 (UTC) and run for four hours. This will result in the suspension of all deposits and withdrawals. This news has sparked rumors about whether the exchange will support the Terra Classic burn.
Barely 12 hours later, Binance announced that it would amend the maximum withdrawal amount, minimum withdrawal amount, and withdrawal fees for LUNC and USTC over the Terra Classic network following the launch of the Tax burn on September 20.
Notice on Tax Burn for $LUNC and $USTC on Terra Classic $LUNC Network.https://t.co/1TH6sljgka
— Binance (@binance) September 8, 2022
According to Binance in the blog post captioned in the announcement, “Deposits: Transactions will be taxed by the Terra Classic network before it reaches Binance. The balance will be credited to your Binance account after the 1.2% tax deduction by the network.
Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 1.2% tax deduction by the network.”
LUNC Community Not Satisfied With Binance Exempting LUNC Spot and Margin Trading
Binance has not, as of yet, announced that trading in LUNC would be taxed. The exchange also states that when Tax Burn launches, Spot and Margin Trading for LUNC and USTC will not be affected.
According to LUNC DAO’s tweet, the LUNC community is upset with Binance’s decision not to apply tax burn on LUNC trading.
CZ’s failure to honor his word has left them quite dissatisfied. They continued by saying that applying the 1.2% fee on deposits and withdrawals would only serve to deter users from leaving Binance. Binance is not doing what the community requested, which is to apply the LUNC burn to spot + margin trading.
Extremely disappointed in CZ for not keeping his word
Applying the 1.2% tax to withdrawals and deposits only discourages people from leaving Binance
They are not applying the $LUNC burn to the spot + margin trading AKA what the community asked forhttps://t.co/VuAkTYiVan pic.twitter.com/xPKSYQYGEi
— 🔥🙏 𝕃𝕌ℕℂ 𝔻𝔸𝕆 🙏🔥 (@LUNCDAO) September 8, 2022
The proposed 1.2% tax burn for Terra Luna Classic (LUNC) tokens was similarly supported by popular cryptocurrency exchanges Gate.io and KuCoin. Upon the proposal’s official approval and implementation on the Terra mainnet, KuCoin announced in a press release that it would do the same for its platform.
#TerraClassic tax burning proposal pushed #LUNC to the price peak at one stroke! 🎉https://t.co/8kWqgEeplL will burn tax in the withdrawal of LUNC and #USTC! 🙂 📢
Read more at: https://t.co/1nciF2S57k #Gate.io pic.twitter.com/HEcu0CwAKe
— Gate.io (@gate_io) September 7, 2022
From 0 to 1.2%, will #LUNC's Tax Burn Proposal bring new excitement?
Find more! 👇
— KUCOIN (@kucoincom) September 8, 2022
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