Home / Markets / Cryptocurrency /  Binance announces deposits and withdrawals fees on Terra Classic Network amid tax burn

Binance announces deposits and withdrawals fees on Terra Classic Network amid tax burn

Earlier this month, the Terra community introduced a 1.2% tax burn for on-chain transactions of LUNC and USTC on the Terra Classic network. (REUTERS)Premium
Earlier this month, the Terra community introduced a 1.2% tax burn for on-chain transactions of LUNC and USTC on the Terra Classic network. (REUTERS)

  • Binance announced to change the way they credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network. Binance has announced to apply a 1.2% consolidation fee for all Terra Classic network deposits.

Right after, the world's largest cryptocurrency in terms of market share, Binance decided to implement Terra's 1.2% tax burn plan, the exchange on Tuesday announced to change the way they credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network. Binance has announced to apply a 1.2% consolidation fee for all Terra Classic network deposits.

In an announcement on September 27, Binance said, "Following feedback from our community, Binance will change the way we credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network."

On deposits, Binance said, "LUNC and USTC deposits to Binance are subject to the withdrawal fees charged by other exchanges or platforms, where applicable," adding, "Binance will apply a 1.2% consolidation fee for all deposits received by Binance before crediting to users’ accounts due to the 1.2% tax burn implemented on LUNC and USTC transactions on the Terra Classic network."

On withdrawals, Binance said, "users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 1.2% tax burn."

On September 26, Binance said, "In response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users, Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. "

The specific amount of LUNC to be burned, its equivalent value in USDT and on-chain transaction ID will be updated each week in this announcement until further notice, it added.

Under its rules, Binance highlighted on Tuesday that the calculation of total trading fees on LUNC spot and margin trading pairs to be burned from the previous week will be done every Monday. The subsequent on-chain burn transaction and the weekly report will be updated by each Tuesday.

Further, the first batch of trading fees on LUNC spot and margin trading pairs to be burned will be calculated from September 21 to October 1. The fee rebates on LUNC spot and margin trading pairs toward the Binance Spot Liquidity Provider Program for the period of September 21 to September 27 will be excluded from the burn amount.

Binance had stated that the LUNC burn mechanism will not affect BNB fee discounts, fee rebates, or any other form of fee adjustment or fee discount. Binance Spot Liquidity Provider Program will pause fee rebates toward LUNC spot and margin trading pairs starting from September 27.

Trading volume on the LUNC spot and margin trading pairs will continue to be counted in the 30-day volume calculation toward Trading Fee Level and Binance Spot Liquidity Provider Program.

Earlier this month, the Terra community introduced a 1.2% tax burn for on-chain transactions of LUNC and USTC on the Terra Classic network. The tax will be applied to all currency denominations currently available on-chain, including LUNC and USTC.

Currently, on CoinMarketCap, Terra Classic Lunc dived by nearly 13% in 24 hours and was trading around $$0.0002781. While Terra Luna performed at $2.5 down by nearly 7%.

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