Binance Says 'No' To The Terra Luna Classic (LUNC) Burn Tax

Binance Terra Luna Classic (LUNC) burn

✍️ 9 September, 2022 - 7:46 👤 Editor: Jakub Motyka

Binance has said 'no' to the Terra Luna Classic (LUNC) burn tax. Or at least, it has rejected the most important part of your proposal, which is to levy a 1.2% tax on all purchase/sale operations of this crypto that are made on their cryptocurrency exchange.

On its official blog, Binance has announced that it will only partially accept the 1.2% burn tax for Terra Luna Classic (LUNC). It will apply it to the deposits and withdrawals of LUNA, but will not apply it to the spot and margin markets, which means that the purchases/sales of Luna on Binance will be free of token burning.

Binance Refuses To Burn Terra Luna Classic (LUNC) In Spot And Margin Trading

Unlike KuCoin or MEXC, Binance does not want to introduce the burning of Terra Luna Classic (LUNC) in its spot and margin markets. This means that buying and selling Luna on Binance will be free of burning and therefore will not contribute anything to the reduction of the supply of this cryptocurrency.

On the other hand, where the 1.2% Luna burning tax (LUNC) will be applied, it will be on deposits and withdrawals. The user will pay the cost of the burn tax, which will be sent for destruction in the form of LUNA crypto.

In this way, Binance joins in a somewhat more lukewarm way than expected the proposals of 3568 and 4159 that have already been approved by the Terra community to activate the burning of 1.2% of Luna Classic (LUNC) in the crypto market.

Terra Luna Classic (LUNC) Price Remains Stable

Despite Binance's jug of cold water on the LUNA-LUNC crypto burning, the truth is that the price of the cryptocurrency seems to have taken the news quite well. At the time of writing this news, it is trading at a price of $0.0005215, with a volume in the last 24 hours of $3,586,664,104.

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