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HomeCrypto NewsMarketCrypto.Com Confirms Support For Terra Classic (LUNC) 1.2% Tax Burn

Crypto.Com Confirms Support For Terra Classic (LUNC) 1.2% Tax Burn


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Crypto.com becomes the latest top exchange to add support for Terra Classic (LUNC) 1.2% Tax Burn.

The LUNC 1.2% tax burn is Scheduled at block 9,475,200, expected to be on 20 Sep 2022, and will be supported by the exchange.

According to the exchange, the burn will only be implemented on the deposits and withdrawals as per the burn proposal. The burn will not be implemented on LUNC trading on CryptoCom.

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The exchange writes:

  • “Deposits: Transactions will be taxed by the Terra Classic network before it reaches Crypto.com. The balance will be credited to your Crypto.com account after the 1.2% tax deduction by the network.
  • Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Crypto.com and the 1.2% tax deduction by the network.”

Following CryptoCom support, the number of exchanges willing to implement the tax burn now sits at ten. These exchanges include Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, and Kraken.

Out of these, only Kucoin, MEXC Global, and CoinInn will support burns on LUNC trading.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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