Binance CEO explained: Binance will not apply a 1.2% tax rate to LUNC transactions
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Answer Binance CEO explained: Binance will not apply a 1.2% tax rate to LUNC transactions
- Binance CEO Refuses to Tax Off-Network LUNC Transactions.
- LUNC was negatively affected by the decision of the CEO of Binance.
CZ told Binance’s CEO at an AMA “Ask Me Anything” meeting Friday that the cryptocurrency exchange will not apply a 1.2% tax for off-chain transactions from Terra Classic (LUNC) and USTC.
As a result, the price of the Terra Classic (LUNC) dropped by approximately 10% to $0.00024 in the span of one hour with Binance accounting for approximately 35% of the LUNC offering.
The CEO of Binance believes that the off-chain tax burn will affect trading on Binance.Read:The stable digital currency “Tether” reaches a total value of $ 19 billion
Binance will not apply the LUNC tax rate:
Binance CEO CZ said at the AMA on September 23 that Binance will support the Terra Classic community, but that a 1.2% tax deduction for off-chain transactions will affect trading on the cryptocurrency exchange.
Additionally, Binance implemented a 1.2% tax deduction on deposits and withdrawals.
However, Binance will not implement the tax burn for cross-chain transactions including spot and margin trading, as well as services provided by the Binance Earn platform.
CZ also believes that a 1.2% tax burn will make use cases on the blockchain meaningless.
People will also stop trading if more transaction fees are charged, making the blockchain network less useful.
The community wants to burn the tax for Terra Classic (LUNC) on off-network transactions, but the implications of implementing it may not be feasible.
The CEO of Binance tweeted another option to apply a 1.2% trading fee for the burn.
Where Tell It is considering a feature to allow users to sign up for a 1.2% trading fee and vote with a fee.
Rejection from Binance affects the price of the LUNC digital currency:
After the CEO of Binance refused to support a 1.2% tax cut for off-chain transactions, the price of Terra Classic (LUNC) fell by nearly 10% in an hour.Read:The Uniswap project launches its digital currency UNI … details here
LUNC price is currently trading at $0.00024, down nearly 11% in the last 24 hours.
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