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Binance to burn all LUNC trading fees following community feedback

The Binance crypto exchange will burn all trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs.

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Binance to burn all LUNC trading fees following community feedback

To aid the Terra communitys efforts to regenerate the Terra (LUNA) now renamed Terra Classic (LUNC) token, crypto exchange Binance announced an off-chain burning mechanism the other day. However, after receiving mixed reactions from community members, the exchange revised its burning approach.

On Sept. 23, Binance CEO Changpeng Zhao wrote that the exchange will generate an optional 1.2% tax when trading LUNC. Zhao added that they can roll out the 1.2% tax for several LUNC trading if traders who opt-in to cover the tax reach 50% of the full total LUNC trading volume on the exchange, leaving your choice to users.

However, days following the post, Zhao laid out the flaws of these previous plan. Due to this, Binance announced a revised solution to support the revival of LUNC. In accordance with Zhao, the exchange will now completely burn all of the trading fees that it collects from its LUNC/BUSD and LUNC/USDT spot and margin trading pairs. The fees collected will undoubtedly be changed into LUNC and delivered to LUNC’s official burning address.

Through this, the Binance CEO believes that the exchange can donate to decreasing the way to obtain LUNC and become “fair” to all or any users.

Related: Exchanges criticized for ‘nothingburger PR’ posts on upcoming LUNC tax burn

Following the infamous Terra collapse, LUNC investors continued to advocate revival options for the crypto token. Exchanges supported the revival through airdrops, listing, buyback and burning while community members worked on implementing a 1.2% on-chain tax burn for several LUNC transactions. Third ,, the token showed signs of life, soaring by 250% on Sept. 9.

Meanwhile, South Korean authorities are actually after Terraform Labs founder Do Kwon for allegedly violating the countrys capital markets law. A court situated in Seoul, South Korea issued an arrest warrant for Kwon and five others on Sept. 14. Third ,, the International Criminal Police Organization (Interpol) issued a “Red Notice” for Kwon on Monday. The Red Notice is really a type of obtain police bodies around the world to arrest persons facing various situations like legal charges.

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