Binance Announces Zero-Fee Trading For Terra Classic (LUNC), But There’s A Catch

The largest crypto exchange Binance on Monday said it is adding Terra Classic (LUNC) and TerraClassicUSD (USTC) to Binance Convert. It now allows users to trade LUNC and USTC against BTC, BUSD, USDT, and other tokens through Binance Covert at zero fees.

Binance Adds Terra Classic (LUNC) and TerraClassicUSD (USTC) to Convert

Binance, in an official announcement on September 12, announced further support for Terra Classic (LUNC) and TerraClassicUSD (USTC) as it adds both Terra tokens to Binance Convert.

“Visit Binance on the website, click “Trade”, and select “Binance Convert” from the pop-up menu. If you are on mobile, simply open your Binance App, tap “Trade”, and then select “Convert” from the top menu.”

Users can now use the Binance Convert service to convert LUNC and USTC to any supported cryptocurrencies such as Bitcoin (BTC), Binance USD (BUSD), Tether (USDT), etc. at zero fees. The crypto exchange believes adding support for LUNC in its services will help increase the trading volume on Binance. Also, extends support to the Terra community. Moreover, Binance offers zero-fee trading for Bitcoin (BTC) and Ethereum (ETH).

Recently, Binance announces support for the 1.2% tax burn for Terra Classic (LUNC) and TerraClassicUSD (USTC) via the Terra Classic network. However, the exchange will only support tax burn on on-chain activities such as deposits and withdrawals. After the community’s disappointment with the decision, Binance clarified that it may review and discuss off-chain tax burn for Terra Classic.

Crypto exchange Binance currently accounts for nearly 35% of LUNC supply. The community needs Binance to offer tax burn on spot and margin trading of Terra Classic and USTC.

Terra Tokens Soars Over 200%

Terra tokens are witnessing massive trading volume as the community aims to revive the tokens. In fact, Terra Classic (LUNC) and TerraClassicUSD (USTC) entered the top 100 cryptocurrencies on CoinMarketCap. The LUNC price skyrocketed over 200% in a week to hit a high of $0.00058.

Terra (LUNA) also witnessed an over 200% rally in just 2 hours, causing the price to hit $7.06. LUNA recorded nearly $6 billion in daily trading volume, almost double to LUNC’s daily trading volume.