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.
? https://t.co/vCNztATkNg is supporting the Tax Burn for LUNC on Terra Classic (LUNC) Network ?
?️ Scheduled at block 9,475,200 or expected to be on 20 Sep 2022
❗ Exact date and time is subject to change due to variable block times pic.twitter.com/I7xhDLA4dR— Crypto.com (@cryptocom) September 20, 2022
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.
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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