After criticism – Binance now wants to burn all trading fees for LUNC

After criticism – Binance now wants to burn all trading fees for LUNC

To help the community of the failed blockchain project revitalize the former cryptocurrency Terra (LUNA) as the Terra LUNA Classic (LUNC), leading crypto exchange Binance proposed a combustion mechanism last week, albeit with very mixed reactions from the larger crypto community has pulled.

For example, on Sept. 23, Binance CEO Changpeng Zhao suggested that his platform could impose an optional 1.2% “tax” on trading with LUNC. This 1.2% would be levied on all trades on LUNC, however, this measure would only take effect once the users, who account for at least 50% of the total cryptocurrency trading volume on Binance, agree to it.

A few days later vacated Zhao then that this plan has flaws. For this reason, Binance has another revised version refilled. This states that the crypto exchange will burn any trading fees incurred from trading LUNC/BUSD and LUNC/USDT. These funds would then be used to purchase LUNC and move it to the project’s official burning wallet.

With this measure, the Binance CEO wants to make a contribution to keeping the supply of LUNC under control and creating “fair” framework conditions for all users.

After the infamous collapse of Terra, some LUNA investors were desperately looking for ways to save their cryptocurrency (and thus their invested funds). Some crypto exchanges have already supported these efforts via airdrops, LUNC listing, buybacks, and burns. The aforementioned 1.2% tax was later brought into play, which at least caused the share price to shoot up by a whopping 250% on September 9th.

So while investors can hope for a conciliatory end, the Terra founder is up to his neck in water because his actions are said to have violated South Korean law in several respects. Accordingly, on September 14, a court in the country issued arrest warrants for Do Kwon and five other Terraform Labs employees. In addition, on September 26, Interpol published a so-called “Red Alert”, with which Kwon is now being sought by police authorities all over the world.

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