Crypto.com Also Refuses To Burn Terra Luna Classic (LUNC) On Trading
✍️ 20 September, 2022 - 18:49 👤 Editor: Jakub Motyka
- Crypto.com rejects the 1.2% Terra Luna Classic (LUNC) burn tax on its exchange trading operations.
- It will only burn LUNC for deposits and withdrawals made over the Terra Classic network.
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Crypto.com has joined Binance in its decision to waive the 1.2% burn tax on Terra Luna Classic (LUNC) for LUNC trading on your exchange. So they just announced it after the burning proposals of the Terra community have been officially approved.
Now that the governance proposals #3568 and #4159 have been approved by the community Terra, the cryptocurrency exchange Crypto.com has announced that it will not apply the 1.2% burn tax on trading operations on its platform. It will only do so in deposits and withdrawals of LUNC tokens.
Crypto.com Rejects The 1.2% Tax For Terra Luna Classic (LUNC) Burning On Trading
Like Binance, Crypto.com will simply apply the 1.2% Terra Luna Classic (LUNC) burn tax to the deposits and withdrawals of this cryptocurrency. In this way, the deposit and withdrawal of LUNC in Crypto.com will be taxed with a 1.2% tax that will go directly to the burning of Terra Luna Classic.
Once the Terra Classic burn tax is active, operations with the LUNC crypto on Crypto.com will be subject to the following conditions:
- On deposits, transactions over the Terra Classic network will be subject to the 1.2% burn tax before they reach Crypto.com. In this way, the user will receive their transaction on Crypto.com after the 1.2% tax has been applied.
- On withdrawals, the user will receive their money once the Crypto.com fees and the 1.2% tax for burning tokens have been subtracted.
Therefore, in Crypto.com there will be no such tax on the purchase/sale operations of LUNC in the trading market , which, after all, is the one that receives the largest movement of tokens in a cryptocurrency exchange. Few exchanges other than MEXC or Kucoin have said "yes" to the Tax Burn mechanism of Terra Luna Classic (LUNC).
Terra Luna Classic (LUNC) Price Reacts Negatively Following Crypto.com Announcement
In a difficult week for the new Terra project, with Do Kwon on the run, the price of Terra Luna Classic (LUNC) has seen punished again with the news of Crypto.com. Its value at the time of writing this news has fallen to $0.0002907, -6.70% in the last 24 hours.
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