Binance to Burn All LUNC Trading Fees Following Community Feedback

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

To support the Terra community's efforts to revive the Terra (LUNA) token – now renamed Terra Classic (LUC) – crypto exchange Binance announced an off-chain burning mechanism last week. However, after receiving mixed reactions from community members, the exchange has revised its scorching approach.

On September 23, Binance CEO Changpeng Zhao wrote that the exchange will create an optional 1.2% tax when trading LUNC. Zhao added that they will implement the 1.2% tax for all LUNC transactions if traders who agree to pay the tax reach 50% of the total LUNC transaction volume on the exchange, leaving the decision to the users. /p>

However, a few days after the publication, Zhao exposed the flaws of their previous plan. For this reason, Binance has announced a revised method to support the relaunch of LUNC. According to Zhao, the exchange will now completely burn all trading fees it collects on its spot and margin trading pairs LUNC/BUSD and LUNC/USDT. Fees collected will be converted to LUNC and sent to the official LUNC burning address.

With this, the CEO of Binance believes that the exchange can help reduce the supply of LUNC and be "fair" for all users.

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

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