Binance Breaks Silence On Lower Taxes For Terra Classic (LUNC) And USTC

The world’s largest crypto exchange, Binance, said on Thursday that the 1.2% tax cut will apply to on-chain transactions of Terra Classic (LUNC) and TerraClassicUSD (USTC). However, the tax burn will not apply to spot and margin trading for LUNC and USTC, as well as Binance Earn services.

The community is disappointed that Binance did not heed the community’s request to support in-place tax burn and margin trading.

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Binance Supports 1.2% Tax Reduction for On-Chain Activities

Binance, in an official announcement on September 8, finally announced its support for the 1.2% tax cut. The crypto exchange will review and change the minimum withdrawal amount, maximum withdrawal amount, and withdrawal fee for Terra Classic (LUC) and USTC through the Terra Classic Network.

“The Terra community has passed Propositions 3568 and 4159, which will introduce a 1.2% tax reduction for LUNC and USTC on-chain transactions on the Terra Classic Network.”

The community is due to vote on the proposed 1.2% tax parameter change on September 10. If passed, the changes will be implemented on September 20.

LUNC and USTC deposits and withdrawals will be affected on Binance. When making deposits, the Terra Classic network will deduct the 1.2% tax and the balance will be credited to the user’s account. When making withdrawals, users will receive the amount after deducting the withdrawal fee by Binance and the 1.2% tax deduction by the network.

However, the tax burn will not apply to spot and margin transactions for LUNC and USTC. Also, it will not impact Binance Earn services such as staking, savings, etc.

The Terra community expected a reduction in taxes on LUNC and USTC exchanges. Now the community is angry with Binance and its CEO “CZ” for not listening to the community.

Validator LUNC DAO believes Binance’s decision will cause people to stop trading on Binance. TerraRebel believes the Terra community provides over $2 billion in daily trading volume on the exchange. The crypto exchange “lifted loads of trading fees and profit” from it.

Earlier today, Binance also announced the addition of the LUNC/USDT trading pair on September 9 at 08:00 UTC.

LUNC community seeks to reach $0.01

The price of Terra Classic (LUNC) has increased significantly due to fire, staking, governance and project construction. The daily trading volume on LUNC jumped over $3.5 billion. The community is looking to reach $0.01 in the near term, having successfully reached the target of $0.0005.

Currently, crypto exchanges such as MEXC Global, KuCoin, Gate.io, and CoinInn have expressed support for the proposed 1.2% tax cut. The community hopes that Binance will soon announce the reduction of the 1.2% tax on off-chain transactions.

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

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

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Binance Breaks Silence On Lower Taxes For Terra Classic (LUNC) And USTC


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