Binance Enforces Changes To Terra Classic (LUNC) Deposits And Withdrawals

Binance, the largest crypto exchange has introduced changes in the deposits and withdrawals of Terra Classic (LUNC) and Terra Classic USD (USTC) on the Terra Classic network. The move comes after the community feedback pertaining to 1.2% tax burn for LUNC and USTC deposits and withdrawals,

Binance Tweaks Fees for Terra Classic (LUNC) and USTC

In a PR today Binance detailed the changes to deposits and withdrawals for Terra Classic (LUNC) and USTC because of the 1.2% tax burn on the Terra Classic network.

“Following feedback from our community, Binance will change the way we credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network.”

Earlier Binance had stated that the balance will be deposited in the users’ accounts post 1.2% tax deduction by Terra Classic network during deposits of LUNC and USTC. However, the Exchange has said it will also include withdrawal fees charged by other exchanges or platforms. Therefore, the balance will get credited after withdrawal fees by other exchanges and a 1.2% tax burn deduction.

Withdrawals will also be subjected to a withdrawal fee by Binance and a 1.2% tax burn deduction by the Terra Classic network. Post widespread dissatisfaction across the community Binance has applied the 1.2% tax burn for all on-chain transactions and transaction fees on off-chain transactions.

Trading fees on Terra Classic (LUNC) spot and margin trading pairs will be sent by Binance to the burn address every Monday. Details of the burn and the next on chain burn transaction will be updated every Tuesday. The Exchange also declared that it will be converting the trading fees in other tokens to LUNC and will bear the burn costs also.  

Terra Classic (LUNC) Price Surges After Binance Support

Soon after the announcement by Binance about burning transaction fees for Terra Classic, there was a steep surge in Terra Classic (LUNC) which jumped over 70%. LUNC price swung from a low of $0.00018 to a high of $0.00032 in just an hour on Monday.