The world-leading crypto exchange is looking for new ways to support Terra Classic.
According to a recent announcement, Binance adds Terra classic (LUNC) and UST classic (USTC) to Binance Convert.
#Binance Convert adds $LUNC and $USTC.https://t.co/h5Kczx1XYb
— Binance (@binance) September 12, 2022
Users can now easily convert LUNC and USTC to Bitcoin, Binance USD (BUSD), and Tether (USDT) without paying any fees.
Binance convert is a service where exchange users can quickly convert one crypto to another. This service is different from trading and is purely meant for converting one coin to other. Adding LUNC and USTC to Binance convert shows that the exchange is looking for more ways to support Terra classic.
To use the feature, on the Binance website, users can click “Trade” and select “Binance Convert” from the top menu. On mobile, open your mobile app and tap “Trade” to select “Convert.”
Binance Support For Terra Classic:
As reported by The Crypto Basic, Binance announced that the exchange will apply tax burn on all on-chain transactions like deposits and withdrawals.
However, the Terra classic community did not welcome Binance’s decision as LUNC supporters wanted Binance to apply burn on LUNC and USTC off-chain transactions like trading. Binance addressed the community concern by saying It May Review Its Decision To Implement Terra Luna Classic Burns On Trading.
As the trading volume of LUNC is crossing 1B on Binance, the exchange decided to add LUNC/USDT trading pair enabling large investors to trade and invest in Terra classic. Also, Binance futures launched LUNC perpetual contracts with up to 25x leverage.