Binance Launches Own Vote For Terra Luna Classic (LUNC) Burn Tax

Binance Vote Optional Terra Luna Classic LUNC Burn Tax

✍️ 26 September, 2022 - 14:33 👤 Editor: Jakub Motyka

After the controversy generated by his latest statements, the CEO of Binance, CZ, has decided to take another strategy with the burn tax of Terra Luna Classic (LUNC). Now Binance will accept the 1.2% tax for the burning of LUNC in the spot trading market, but only it will do it for those users who manually select their payment in each operation.

In addition, Binance will study the percentage of users who do want to burn Terra Luna Classic (LUNC) when operating with the cryptocurrency in the market spot trading of this exchange. If that percentage reaches 25% of the total LUNC tokens on Binance, the burn tax will be applied automatically to all users who have agreed to pay it the first time.

Binance Introduces An Optional LUNC Burn Tax

In a somewhat strange move, totally out of step with what the Terra Classic community approved of, Binance has announced on their official blog news about the Terra Luna Classic (LUNC) burn. Through their CEO, they have announced that they will do the following:

  1. They will implement an optional button to pay the 1.2% tax on trading with the Terra cryptocurrency Luna Classic (LUNC) on Binance.
  2. When the number of accounts that have applied the burn tax reaches 25% of the total LUNC stored on Binance, they will automatically apply the 1.2% Terra Luna Classic burn tax to all those who have previously accepted it. This will prevent those who do not agree with the measure from having to pay.
  3. In the event that the percentage of users who accept the burning of LUNC reaches 50% of all Binance trading volume, 1.2% burn tax will apply to all Terra trading transactions Luna Classic.

If point #2 is not reached one month after point #1 has been released, says Binance, Terra Luna's optional burn button Classic (LUNC) will be removed to maintain a consistent user experience on the exchange.

The Price Of Terra Luna Classic (LUNC) Continues To Decline

The price of the Terra Luna Classic LUNC cryptocurrency has failed to raise its head in recent days. Only in the last 24 hours it accumulates a drop of more than 15%, having reduced its price to 0.0001956$.

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Juan Pais

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