Monday, December 5, 2022
HomeCrypto NewsMarketBinance CEO Gives A New Proposal To Apply 1.2% Burn On All...

Binance CEO Gives A New Proposal To Apply 1.2% Burn On All Terra Classic (LUNC) Spot Trades

- Advertisement -
Follow-Us-On-Google-News

 

Binance Reluctant to Implement The 1.2% Tax Burn on LUNC Spot Trade, as CZ Suggests An Alternative.



Binance remains reluctant to implement the LUNC 1.2% tax burn on LUNC trades, with CEO Changpeng Zhao “CZ” bringing up an alternative for the exchange to introduce a feature that will allow users to choose to opt-in for the 1.2% trading fee.

Binance, among other notable exchanges, has indicated support for the Terra Classic (LUNC) on-chain 1.2% burn tax. Notwithstanding, most of these exchanges, including Binance, have not shown readiness to implement the tax burn on spot trades.

The reluctance has not been received well by the Terra community, as most proponents insist on the full implementation of the proposal. Notwithstanding, CZ noted that he would address the matter’s concerns in a scheduled AMA meeting with the Terra community.

The Twitter space, which was held on September 23 by Terra Rebels, featured CZ, who addressed the concerns raised by LUNAtics. Notwithstanding, CZ brought up a suggestion that would satiate both parties.

He said:

“Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for the burn. And see how many of the voting community do that first. Vote with your fees,” CZ said in a tweet following the meeting.


Binance has remained reluctant to implement the tax burn on a general scale as exchange fears that they fear losing customers by applying an extra 1.2% fee on trades.

However, Binance CEO comes with something new, an optional 1.2% LUNC burn feature on Binance; most Terra proponents have so far indicated satisfaction with Binance’s CEO proposal. A notable LUNAtic called the suggestion “a great middle ground.” 

“BREAKING NEWS: cz_binance proposes an OPTIONAL 1.2% $LUNC burn on all spot trades! I think this is a great middle-ground to get other exchanges onboard,” the individual noted in a tweet.

With this option, anyone who wants to burn 1.2% can go right ahead and send 1.2% of their balance to the burn address. No one will be stopping them. Anyone unwilling to apply a 1.2% tax on its spot transactions can simply ignore this feature and carry on with the normal trading fee.

- Advertisement -
Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.