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Terra Classic (LUNC) and USTC, Binance will implement a 1.2 Percent tax burn.

Terra Classic (LUNC)

The biggest crypto exchange in the world, Binance,

has previously stated that it would support Terra Classic (LUNC) and TerraClassicUSD (USTC) for a 1.2% tax burn on all on-chain transactions.

However, the community demands assistance for tax burn for off-chain actions like selling and buying. In a revised release, Binance states that starting on September 21, a 1.2% tax burn on the exchange for on-chain transactions would be in effect.

Binance Will Support LUNC's 1.2% Tax Burn

The 1.2% tax burn for Terra Classic (LUNC) and TerraClassicUSD (USTC) will be implemented on September 21 according to a recent notification made by cryptocurrency exchange Binance

For on-chain activities transactions, such as deposits and withdrawals, the 1.2% tax burn is applicable. Unfortunately, off-chain operations like purchasing and selling LUNC will not be subject to the 1.2% tax burn.

The Terra Classic network will aggregate and apply a 1.2% tax burn to deposits of LUNC and USTC from addresses to Binance wallets. The same applies to withdrawal fees and a 1.2% tax burn for LUNC and USTC from the Binance wallet. Fees, however, are only charged when withdrawals are made. Additionally, Binance will modify the minimum and maximum withdrawal amounts as well as the withdrawal fees for LUNC and USTC correspondingly.

The community has approved the request to change the tax parameter by 1.2%. The Terra Station has also received code updates from TFL. When the block height hits 9,475,200, the 1.2% burn tax will be applied automatically. Other exchanges that support the tax burn include Gate.io, MEXC Global CoinInn, BTCEX, LBank, Kraken, Huobi, and KuCoin.

Additionally, the community has staked 565.5 billion tokens and burned close to 3.8 million LUNC to date.

The cost of Terra Classic is still declining.

After South Korea issued an arrest order for Terra founder Do Kwon, Terra Classic's (LUNC) price crashed below $0.0003. However, it has been made clear by the Terra Classic community and validators that Do Kwon is concentrated on Terra 2.0. (LUNA).

Additionally, the volume of daily trading has fallen below $1 billion. The daily trading volume increased by more over $3.5 billion during a surge to reach the $0.0005 objective. Following the 1.2% tax burn's implementation on September 20, the price may increase once again.

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