world’s largest cryptocurrency exchange Binance said on Thursday, Terra Classic (LUNC) and TerraClassicUSD (USTC) altcoins announced that the 1.2% burning application it decided to implement will be valid for on-chain transactions.
However, according to the statement of the stock market, the said burns will not take place in the spot and margin LUNC and USTC trading pairs in the stock market. In addition, Binance Earn services will be out of scope.
1.2 Percent Of Every Transaction Will Be Burned On The Terra Classic Network
Binance announced in an official announcement today that it supports the 1.2% tax burn. The crypto exchange will review and change the minimum withdrawal amount, maximum withdrawal amount and withdrawal fees for Terra Classic (LUNC) and USTC over the Terra Classic network.
The Community will vote on the 1.2% Tax Parameter Amendment proposal on September 10. If accepted, the changes will be implemented on 20 September.
LUNC and USTC deposits and withdrawals on Binance will be affected. During deposits, the LUNC network will deduct 1.2% tax and the balance will be transferred to the user’s account.
During withdrawals, users will receive the amount after deducting the withdrawal fees by Binance and the 1.2% tax withheld by the network.
However, the tax burn will not apply to Spot and Margin trading on the exchange for LUNC and USTC. It will also not cover Binance Earn’s services such as staking, saving.
The Terra community was expecting a tax burn on LUNC and USTC trades.
The validator LUNC DAO believes that Binance’s decision will cause people to stop trading on Binance. TerraRebel believes that the Terra community provides over $2 billion in daily trading volume on the exchange.
*Not investment advice.
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