A Latest Top Crypto Exchange, CryptoCom Confirms Its Support For LUNC 1.2% Tax Burn Proposal

The LUNC’s 1.2% tax burn proposal gains more attention from the crypto exchanges platform as another top crypto exchange, CryptoCom, confirms its support for the proposal.

LUNC 1.2% To Go Live On 20th Sept 2022 And CryptoCom Confirms Its Support

The latest top crypto exchange, CryptoCom announces its support for the LUNC 1.2% tax burn proposal on the 20th of September, 2022 surprisingly the deal day that the proposal will go live.

Recall that the LUNC 1.2% tax burn is Scheduled at block 9,475,200, expected to go live on 20th September 2022, and will be supported by the exchange.

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CryptoCom Support Is Limited To Deposit And Withdrawal

Per the exchange, the support will only be implemented on the deposit and withdrawal and not on LUNC trading on CryptoCom.

As stated by the CryptoCom;

  • “Deposits: Transactions will be taxed by the Terra Classic network before it reaches Crypto.com. The balance will be credited to your Crypto.com account after the 1.2% tax deduction by the network.
  • Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Crypto.com and the 1.2% tax deduction by the network.”

Exchanges Added Support For LUNC Burn Proposal

It is worth noting that the tax burn proposal has been widely supported by various exchanges as it is the tenth exchange adding support to the LUNC 1.2% tax burn proposal.

Read Also: A whopping 270,000+ Ethereum Were Sent To Central Exchanges Within The Space Of Two Hours

Exchanges like Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, and Kraken have recently supported the proposal and out of these, only Kucoin, MEXC Global, and CoinInn will support burns on LUNC trading.

Recently, MEXC Global, one of the supporting exchanges, concluded its burning event for the spot trading of the LUNC pairs with over 466 million LUNC tokens burnt.

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