Binance, the world’s largest crypto exchange, on Tuesday said it will introduce changes to deposits and withdrawals for Terra Classic (LUNC) and TerraClassicUSD (USTC) on the Terra Classic network. After the community feedback about the 1.2% tax burn for LUNC and USTC deposits and withdrawals, Binance decided to implement these changes.
Binance Adjusts Fees for Terra Classic (LUNC) and USTC
Crypto exchange Binance in a press release on September 27 revealed changes to deposits and withdrawals for Terra Classic (LUNC) and USTC due to the 1.2% tax burn on the Terra Classic network.
“Following feedback from our community, Binance will change the way we credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network.”
Binance earlier announced that the balance will get credited to users’ accounts after the 1.2% tax deduction by Terra Classic network during deposits of LUNC and USTC. However, the exchange has now updated that deposits on Binance also include withdrawal fees charged by other exchanges or platforms. Thus, the balance gets credited after withdrawal fees by other exchanges and a 1.2% tax burn deduction.
Meanwhile, withdrawals will be subject to withdrawal fees by Binance and a 1.2% tax burn deduction by the Terra Classic network.
After community dissatisfaction, Binance has implemented the 1.2% tax burn for all on-chain transactions and transaction fees on off-chain transactions.
Binance will send trading fees on Terra Classic (LUNC) spot and margin trading pairs to the burn address every Monday. Also, the report on the burn and the next on-chain burn transaction will be updated every Tuesday. The crypto exchange will convert trading fees in other tokens to LUNC and will bear the burn costs.
Terra Classic Price Jumps After Binance Support
Terra Classic (LUNC) price jumped over 70% after Binance announced burning transaction fees for Terra Classic. The LUNC price skyrocketed from a low of $0.00018 to a high of $0.00032 in just an hour on Monday.
At the time of writing, the LUNC price dives to $0.00028, down over 5% in the last 24 hours. The community aims to reach a 10 billion LUNC token supply. In fact, Binance support for burn has increased the burn rate for Terra Classic tokens.
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