Binance Rejects The 1.2% Terra Luna Classic (LUNC) Burn Tax, Confirms CZ

Binance Terra Luna Classic (LUNC) burn

✍️ 23 September, 2022 - 14:38 👤 Editor: Jakub Motyka

Bad news for the Terra Luna Classic (LUNC) crypto, which just fell more than 12% after CZ (Changpeng Zhao), CEO of Binance, has assured in an AMA (Ask Me Anything) on ​​Twitter that Binance will never accept the 1.2% burn tax for LUNC trading.

Binance has been one of the exchanges that has said "no" to the 1.2% tax on burning LUNC tokens for the spot trading operations carried out on its platform. CZ has assured that applying this tax would harm the volume of the Terra Luna Classic crypto.

Binance CEO Refuses To Apply The Terra Luna Classic (LUNC) Burn Tax For Cryptocurrency Trading

As echoed by the well-known user @FatManTerra, the CEO of Binance has commented in an AMA on Twitter that his exchange does not plan to add the Terra Luna Classic burn tax (LUNC) to spot operations.

CZ considers the Terra Luna Classic (LUNC) burn tax to be harmful for cryptocurrency as it reduces its volume and, therefore, may end up negatively affecting its price in the market. Minutes after the announcement, what has affected the price of LUNC have been these statements, which have caused the price to fall to $0.000248.

The CEO of Binance has also assured that the votes of a governance platform such as Terra Classic cannot be imposed on the decisions of private companies, referring to the demands of the LUNA community for their exchange to accept the burn tax on spot operations.

CZ Talks About Including An Optional LUNC Burn Tax

In a later tweet, CZ has talked about a possibility that he had not commented on in his direct: to incorporate in Binance a functionality that allows the user to choose if he wants to pay the 1.2% tax for burning LUNC when doing spot trading with this cryptocurrency.

"And we'll see how many of the community members who vote on LUNC vote first", declared the CEO of Binance, closing his message with a "Vote with your fees" in relation to the votes that the Terra Classic community has cast on the burning tax.

380 Million LUNC Burned On The 2nd Day Of The Tax

In any case, there are exchanges beyond Binance that are applying this measure, see for example KuCoin or MEXC. On the 2nd day of the 1.2% tax for the Terra Luna Classic burning, a total of 380 million LUNCs have been destroyed.

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