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Binance CEO says ‘No’ to 1.2% Terra Classic (LUNC) Tax Burn

Binance CEO says ‘No’ to 1.2% Terra Classic (LUNC) Tax Burn

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Binance would not apply the 1.2% tax refund to Terra Classic (LUNC) and USTC off-chain transactions, as revealed by CEO “CZ” in an AMA on Friday. As a result, the price of Terra Classic (LUNC) dropped to $0.00024 in just an hour, with Binance holding around 35% of the LUNC supply.

Although the CEO of Binance believes that off-chain tax burning is affecting Binance trading, the community is pushing the cryptocurrency exchange to support it.

The Terra Classic community is supported by Binance, but the 1.2% tax burn on off-chain transactions affects trading on the cryptocurrency exchange.

Additionally, Binance has started charging a 1.2% tax on deposits and withdrawals. However, tax burning does not apply to intra-chain transactions, such as spot and margin trading, or Binance Earn services.

"I think the blockchain should implement the burnt first, but I didn't promise to say that Binance will do it right after, XYZ didn't, but people can infer or infer that I see where it's coming from."

Terra falls 10% amid speculation

If transaction fees rise, merchants will stop trading, reducing the usefulness of the blockchain. The Terra Classic (LUNC) community wants a tax refund for off-chain transactions. However, the consequences of its implementation are undoubtedly impractical.

Binance's CEO offered another way to implement the 1.2% trading fee from the burn in a tweet. He is designing a tool that allows traders to vote on costs and choose a 1.2 percent trading fee.

The price of Terra Classic (LUNC) fell by about 10% in an hour after the CEO of Binance refused to accept a 1.2% tax refund for off-chain transactions. LUNC is currently trading at $0.00025, down almost 11% from the previous day.

The 24-hour low and high price for LUNC trading volume is $0.00024 and $0.00028, respectively. The community is currently looking to sell LUNC or move everything from Binance to Terra, which supports a 1.2% fuel tax.

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