Binance Backs Down And Will Burn Terra Luna Classic (LUNC)

Luna LUNC burn tax

✍️ 26 September, 2022 - 14:30 👤 Editor: Jakub Motyka

If Binance had refused to do so a few hours ago, now the world's largest cryptocurrency exchange has just approved the Terra Luna Classic (LUNC) burn tax. Binance will burn LUNC with every LUNC/USDT and LUNC/BUSD trade that occurs on its spot and margin trading.

This puts an end to the controversial chapter in which Binance was one of the big exchanges that had refused to apply the 1.2% tax for burning of Terra Luna Classic (LUNC) that had been previously approved by the Terra community.

Binance Kicks Off Terra Luna Classic (LUNC) Trading Tax Burn

As has disclosed CZ, the CEO of Binance, the exchange will begin burning all trading fees generated on LUNC/USDT and LUNC/BUSD trades. They will do so by sending the burning percentage to the LUNC destruction wallet, also bearing the expenses, without passing it on to user commissions.

CZ assures that the LUNC community had not reacted positively to his proposal to introduce a voluntary tax for the Terra Luna Classic burning and, furthermore, it was a complex development for the exchange.

For this reason, Binance has finally accepted the burning of Terra Luna Classic (LUNC). "In this way, Binance can contribute to the reduction of LUNC supply, which is what the community expects," CZ commented in one of his messages.

Terra Luna Classic (LUNC) Price Explodes After The Latest News

What the news of the Interpol arrest warrant against Do Kwon had thrown down, the news that Binance will apply the LUNC burn on its spot and margin trading markets have managed to shoot up the price of the Terra Luna Classic crypto.

The price of LUNC is currently $0.000302, a rise of more than 30% in the last 24 hours.

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Juan Pais

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