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Binance CEO Gives A New Proposal To Apply 1.2% Burn On All Terra Classic (LUNC) Spot Trades

Binance CEO Gives A New Proposal To Apply 1.2% Burn On All Terra Classic (LUNC) Spot Trades

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Binance does not want to implement the LUNC Spot Trade 1.2% tax burn as CZ suggests as an alternative.

Binance is still reluctant to implement LUNC’s 1.2% tax refund on LUNC transactions, and CEO Changpeng Zhao “CZ” is presenting the exchange with an option to implement a feature that allows users to choose participate in a 1.2% trading commission.

Binance, along with other prominent exchanges, has announced that it will support the intra-chain Terra Classic (LUNC) with a 1.2 percent fuel tax. Nevertheless, most of these exchanges, including Binance, have shown no willingness to implement tax burning in spot trades.

There has been no backlash from the Terra community, with most supporters calling for full implementation of the proposal. Regardless, CZ stated that he will address the concerns at a planned AMA meeting with the Terra community.

A September 23 Twitter space hosted by Terra Rebels featured CZ addressing the concerns raised by LUNAtics. Nevertheless, CZ presented a proposal that would satisfy both parties.

He said:

“Another option is to enable the feature let users self-select the 1.2% trading fee burn. And see how many of the voting community do it first. Vote with your payments” CZ said in a tweet after the meeting.

Binance remains reluctant to implement tax burning on a public scale, as exchanges fear losing customers by applying an additional 1.2% fee to trades.

However, Binance CEO includes something new, an optional 1.2% LUNC burning feature on Binance; most So far, Terra supporters have expressed their satisfaction with the Binance CEO’s proposal. Notable LUNAtic invited the suggestion “A great middle ground.”

“LATEST NEWS: cz_binance suggests OPTIONAL 1.2% $LUNC burn in all spot shops! I think this is a great middle ground to get other exchanges involved,” individual pointed out in a tweet.

With this option, anyone who wants to burn 1.2% can go straight ahead and send 1.2% of their balance to the burn address. No one is stopping them. Anyone who doesn’t want to apply the 1.2% tax to their spot trades can simply ignore this feature and continue with the normal trading fee.

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