Terra Classic Transfers On Binance Will Be Taxed

Binance (BNB), a premier environment for cryptocurrencies, is nearing the installation of a fee on LUNC transactions. 1.2% burn tax is implemented by BNB in two stages.

Binance (BNB) implements 1.2% burn tax

The cryptocurrency exchange BNB announced its decision to introduce a 1.2% token burn rate on each transaction, according to Mr. Wu, who shared the news on Twitter.

https://twitter.com/WuBlockchain/status/1573518869721141248

Two phases will be taken to implement the significant update. The tax will only be applied to “opt-in” traders when the quantity of LUNC tokens deposited in “opt-in” (“approving”) accounts.

The tax will then be applied to all LUNC transfers for BNB users once the limit of the LUNC share maintained per opt-in account reaches 50%. As a result, BNB may soon surpass other crypto exchanges in size by implementing LUNC transfer taxation.

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