All trading fees collected on the spot and margin pairs LUNC/BUSD and LUNC/USDT will be burned by the Binance cryptocurrency exchange.
A mechanism for off-chain burning was announced by Binance last week in support of the Terra community's efforts to revive the Terra (LUNA) token, which is now known as Terra Classic (LUNC).However, the exchange changed its burning strategy after receiving conflicting feedback from community members.
When trading LUNC, Binance's CEO Changpeng Zhao announced in a letter on September 23 that the platform would implement an optional 1.2% tax.Zhao went on to say that if traders who choose to pay the 1.2% tax make up 50% of the exchange's LUNC trading volume, they will implement the tax on all LUNC trading.
However, a few days following the post, Zhao detailed the flaws in their previous strategy.As a result, Binance announced a new strategy to support LUNC's revival.Zhao claims that the exchange will now burn all of the trading fees it receives from its spot and margin trading pairs LUNC/BUSD and LUNC/USDT.The collected fees will be sent to LUNC's official burning address in the form of LUNC.
The CEO of Binance is of the opinion that the platform will be "fair" to all users and will be able to contribute to the decrease in the supply of LUNC as a result of this.
LUNC investors continued to advocate methods for the crypto token's revival after the infamous Terra collapse.The revival was aided by airdrops, listing, buyback, and burning on exchanges, and members of the community worked to implement a 1.2% on-chain tax burn for all LUNC transactions.The token began to show signs of life after this, increasing by 250 percent on September 9.
Do Kwon, the founder of Terraform Labs, is being pursued by South Korean authorities for allegedly breaking the country's capital markets law.On September 14, an arrest warrant for Kwon and five others was issued by a court in Seoul, South Korea.Kwon received a "Red Notice" from the International Criminal Police Organization (Interpol) on Monday as a result of this.The Red Notice is a type of request for individuals facing various circumstances, such as legal charges, to be arrested by law enforcement agencies worldwide.
