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Notice on Tax Burn for LUNC and USTC on Terra Classic (LUNC) Network

2022-09-08 13:00
Fellow Binancians,
The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network. Binance will review and amend the minimum withdrawal amount, maximum withdrawal amount and withdrawal fees for LUNC and USTC via Terra Classic network.
In accordance with Terra governance, these proposals are being created to change the tax parameter from its current value of 0 to 0.012 (1.2%). The tax will be applied to all currency denominations currently available on-chain, including LUNC and USTC.
  • The tax burn is expected to go live on 2022-09-20 at the Terra Classic block height of 9,475,200 after the proposal is submitted. Once the tax burn is live, deposits and withdrawals of LUNC and USTC via the Terra Classic network will be affected in the following manner:
    • Deposits: Transactions will be taxed by the Terra Classic network before it reaches Binance. The balance will be credited to your Binance account after the 1.2% tax deduction by the network.
    • Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 1.2% tax deduction by the network.
  • Spot and Margin trading for LUNC and USTC, as well as relevant services on Binance Earn (e.g., Binance Staking, Binance Savings), will not be affected by this tax burn.
For More Information:
Thanks for your support!
Binance Team
2022-09-08
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.