Investors Of LUNC Respond To Zhao’s 1.2% Trading Tax Advice On Binance

Rate this post


Once the exchange had received the consent of 25% of LUNC investors, it would begin taxing opt-in trading. A 1.2% blanket trading fee won’t be imposed on all LUNC trading until opt-in traders represent 50% of the exchange’s total LUNC trading volume.

According to Cointelegraph, the community, crypto exchanges, and co-founder Do Kwon are working together to create a sustainable price recovery in the wake of the historic Terra ecosystem collapse that destroyed the market prices for the TerraUSD (UST) and LUNA tokens. This has investors on edge.

In order to reduce the total supply of the token and improve its price performance, Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, reportedly recently proposed a flat 1.2% trading fee on LUNC trades that may be burned. “We will implement an opt-in button (on the Binance exchange), permitting customers to opt-in to pay a 1.2% tax for their LUNC trade,” CZ said in a statement to the community.



To make sure that early adopters “are not the only people paying an extra 1.2%,” the exchange would only begin taxing opt-in trading after receiving permission from 25% of LUNC investors. A 1.2% blanket trading fee won’t be imposed on all LUNC trading until opt-in traders represent 50% of the exchange’s total LUNC trading volume.

The advice caused a rift in the LUNA community; while some saw no problem with CZ’s decision to include the opt-in button, others saw it as an attempt by a centralized organization to manipulate the market.

Asserting that “We listen to and safeguard our users,” CZ supports LUNC burning but believes in community voting, allowing platform traders to approve the idea. The businessman is aware that LUNC traders will prefer to transfer assets to other exchanges that do not have the burn, according to Cointelegraph, until the alteration is implemented across all exchanges and on-chain.

Disclaimer:- Investing in bitcoin and different preliminary coin choices is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary choices. The Crypto Kingdom makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein.

Rate this post
SEE ALSO:   Blockchain Holds the Way forward for Hollywood, Outgoing WarnerMedia CEO Says

Leave a Reply

Your email address will not be published. Required fields are marked *