Binance CEO “CZ” Rejects 1.2% Tax Burn Support For Terra Classic (LUNC) latest News

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Binance CEO “CZ” said in an AMA on Friday that the crypto exchange will not apply a 1.2% tax burn for off-chain transactions of Terra Classic (LUNC) and USTC. As a result, the price of Terra Classic (LUNC) fell by almost 10% in an hour to $0.00024 as Binance holds about 35% of the LUNC supply. While the CEO of Binance believes that trading on Binance will be affected by the tax burn on off-chain, the community pushes the crypto exchange to support it.

This Token Has Surged 20 In The Crypto Crash By CryptomarketBag

Binance Closes Off 1.2% Tax Burn for Terra Classic LUNC

Binance CEO in “CZ” A M A said on 23 September that Binance would support the Terra Classic community, but the imposition of a 1.2% tax burn on off-chain transactions would affect trading on the crypto exchange.

In addition, Binance has implemented a 1.2% tax burn on deposits and withdrawals. However, tax burn will not be applied for on-chain transactions including spot and margin trading as well as Binance Earn services.

“I think blockchain should implement Burnt first, but I didn’t promise to say that Binance will do it later. I can see where it’s coming from.”

He believes that a 1.2% tax burn would render the use cases on the blockchain meaningless. If more transaction fee is charged then people will stop doing business, Making blockchain less useful. The community wants a tax burn for Terra Classic (LUNC) on off-chain transactions. However, the implications of implementing this might not be feasible.

Binance CEO “CZ” shared another option to implement a 1.2% trading fee for burns in a tweet. He envisions the convenience of allowing users to opt-in for a 1.2% trading fee and vote with the fee.

“Another option is to implement a feature that lets users opt-in to burn themselves for a 1.2% trading fee. And see how many voting communities do that first. Vote with your fees.”

effect of denial

When Binance CEO “CZ” refused to support a 1.2% tax burn for off-chain transactions, the price of Terra Classic (LUNC) fell by almost 10% in an hour. LUNC price is currently trading at $0.00025, which is down about 11% over the past 24 hours.

LUNC trading volume also declined with 24-hour lows and highs of $0.00024 and $0.00028 respectively.

Meanwhile, the community looks to sell Lunch Or transfer everything from Binance to Terra Station, where a 1.2% burn tax is supported.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Influenced by disruptive technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and Internet of Things. He has been associated with the Blockchain and Cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

Binance CEO CZ Rejects 12 Tax Burn Support For Terra CryptomarketBagBinance CEO CZ Rejects 12 Tax Burn Support For Terra CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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