NewsletterBreaking: Binance Breaks Silence On Tax Burn For Terra Classic (LUNC) And USTC
The world’s largest crypto exchange Binance on Thursday said the 1.2% tax burn will be applicable for on-chain transactions of Terra Classic (LUNC) and TerraClassicUSD (USTC). However, the tax burn will not be applicable on Spot and Margin trading for LUNC and USTC, as well as Binance Earn services.
The community is disappointed with Binance for not considering the community’s request to support tax burn on spot and margin trading.
Binance Support the 1.2% Tax Burn for On-Chain Activities
Binance, in an official announcement on September 8, has finally announced support for the 1.2% tax burn. The crypto exchange will review and modify the minimum withdrawal amount, maximum withdrawal amount, and withdrawal fees for Terra Classic (LUNC) and USTC via the Terra Classic network.
“The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network.”
The community is set to vote on the 1.2% Tax Parameter Change proposal on September 10. If passed, the changes will be implemented on September 20.
Deposits and withdrawals of LUNC and USTC will be affected on Binance. During deposits, the Terra Classic network will deduct the 1.2% tax and the balance gets credit to the user’s account. During withdrawals, users will get the amount after deducting withdrawal fees by Binance and the 1.2% tax deduction by the network.
However, the tax burn will not apply to Spot and Margin trading for LUNC and USTC. Moreover, it will not impact Binance Earn services such as staking, savings, etc.
The Terra community was expecting a tax burn on LUNC and USTC trading. Now, the community is unhappy with Binance and its CEO “CZ” for not listening to the community.
Validator LUNC DAO believes Binance’s decision will make people stop trading on Binance. TerraRebel thinks the Terra community is providing over $2 billion daily trading volume on the exchange. The crypto exchange has “raised loads of trading fees and profit” from it.
Earlier today, Binance also announced adding the LUNC/USDT trading pair on September 9 at 08:00 UTC.
The LUNC Community Looks to Hit $0.01
Terra Classic (LUNC) price has rallied substantially as a result of burning, staking, governance, and project building. The daily trading volume on LUNC has jumped over $3.5 billion. The community looks to hit $0.01 in short term, after successfully reaching the $0.0005 target.
Currently, crypto exchanges such as MEXC Global, KuCoin, Gate.io, and CoinInn have expressed support for the 1.2% tax burn proposal. The community hopes Binance will soon announce the 1.2% tax burn on off-chain transactions.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- WhiteBIT Enters U.S. Market, Unveils High-Impact Times Square Campaign
- “Forget the 4-Year Cycle” Grayscale Says, Projects 2026 as Bitcoin’s Breakout Year
- US FED Injects $13.5B in Liquidity Overnight as QT Ends, Bitcoin & MSTR Stock React
- Trump-Backed Alt5 Sigma Under Fire for Possible SEC Rule Violations, New Report Reveals
- Just-In: Spot Solana ETF Records Largest Outflow While XRP ETFs Nets $90M
- Ethereum Price Prediction: ETF Outflows Hit $79M as Institutional Accumulation Surges
- Pump Coin Price Soars as New Whale Accumulates $23.5M Amid Market Dip
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
