Binance to support Terra Classic burning tax increase
Binance to support Terra Classic burning tax increase
Cryptocurrency exchange Binance has announced its support for the Terra Classic network upgrade to increase the LUNC burning tax from 0.2% to 0.5% in accordance with Community Proposal 11515.
The Terra Classic network upgrade is expected to take place today at 22:00 UTC on block 12902400.
In this regard, the cryptocurrency exchange will suspend deposits and withdrawals of LUNC and USTC funds through the Terra Classic network (LUNC) at 21:30 UTC time, according to the Binance website.
However, the exchange notes that the network upgrade will not affect trading activity and that users will still be able to trade LUNC and USTC.
Binance will open deposits and withdrawals as soon as the Terra Classic network stabilizes after the upgrade process.
The Terra Classic community agreed to increase the burn tax as the LUNC price and burn rate continued to drop.
The 0.5% increase is part of four different proposals to increase the burn tax, stacking rewards, whitelisting Dapps contracts, and increasing funding for the community pool.
We have previously reported that a Binance partner has received a license in Brazil.
Binance is one of the most popular cryptocurrency exchanges, with its own platform based on the TradingView toolkit. The exchange offers its clients access to more than 400 cryptocurrencies, of which more than 25% are stablecoins used for conversion transactions.
