Binance, The Largest Crypto Exchange Adds Support To The LUNC’s 1.2% Tax Burn Proposal, But Only Applicable To Deposit And Withdrawal

The rate the platform raise support for the LUNC this time is a clear indication that the coin has revived and watching the reaction of the LUNC in the market is another indication of the total restoration of the coin.

The recent announcement by Binance said it supports the 1,2% tax burn proposal and it focused on the minimum withdrawal amount, maximum amount, and withdrawal fees for LUNC and USTC via the Terra Classic network once the Tax burn goes live on Sep 20th.

Read Also: LUNC Bypass Some Coins Like Bitcoin Cash, Monero, And Few Others To Occupy 26th Position

According to the largest crypto exchange;

Deposits: Transactions will be taxed by the Terra Classic network before it reaches Binance. The balance will be credited to your Binance account after the 1.2% tax deduction by the network.

Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 1.2% tax deduction by the network.”

Binance’s Support Is For Only Withdrawal And Deposit

Although, Binance has not fully confirmed taxing LUNC trading and it says that spot and margin trading for LUNC and UISDTC will remain untampered when the tax burn comes live.

The LUNATICS community is somehow disturbed due to the Binance’s decision on the tax burn proposal application to the LUNC trading.

Read Also: A Whopping 542,967,762 XRP Worth $180.37 Million Is Transferred Between Unknown Wallets And Some Exchnages’ Addresses

According to LUNC DAO:

“Extremely disappointed in CZ for not keeping his word. Applying the 1.2% tax to withdrawals and deposits only discourages people from leaving Binance. They are not applying the LUNC burn to the spot + margin trading, AKA what the community asked for.”

LUNC’s History From May Terra Crash

LUNC’s breakthrough these days has shown that the coin is now fully restored after months of downtime gotten as a result of the May Terra collapse.

It is worth noting that the LUNC came following the LUNA crash in May when the majority of the Terra community went for the creation of another token different from the existing LUNA and named it LUNA 2.0.

The rest of the community stated that there is still hope that the existing token can be revived. They only renamed the existing token as LUNA Classic from LUNA.

And since this time, the community has been arranging burns to revive the coin and also, and In June 2022, investors voted that a 1.2% tax burn should be applied to all LUNC on-chain transactions. All LUNC tokens obtained via the tax initiative will be permanently destroyed, thus reducing the total supply of the asset class and ultimately bolstering its value. 

Exchanges Show Interest In LUNC’s Tax Burn Proposal

Interestingly, many exchanges have been adding support to the burn proposal ahead of the day it will go live. It was reported by Cryptolifedigital, that exchanges like MEXC Global, KuCoin, and recently added support to the burn proposal and MEXC Global has initiated a significant amount.

The community has chosen the 10th of September, 2022 as the voting day while the proposal goes live on the 20th, of September.

  • 1401 Posts
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.