To support the efforts of the Terra community to revive Terra (LUNA) – now renamed Terra Classic (LUNC) – crypto exchange Binance announced an autonomous burning mechanism last week. However, after receiving mixed reactions from members of the community, the exchange has revised its approach.
On September 23, Binance CEO Changpeng Zhao wrote that the exchange will introduce a voluntary 1.2% tax on LUNC trading. Zhao added that they will impose a 1.2% tax on all LUNC trades if sellers who choose to pay the tax reach 50% of the exchange’s total LUNC trading volume, leaving the decision up to users.
However, a few days after this post, Zhao explained the shortcomings of their previous plan. For this reason, Binance has announced a revised method to support the revival of LUNC. According to Zhao, the exchange will now completely burn all the trading fees it charges on LUNC/BUSD and LUNC/USDT spot and margin trading pairs. The collected fees will be transferred to LUNC and sent to the official LUNC registration address.
At the same time, the CEO of Binance believes that the exchange will be able to help reduce the LUNC supply and be “fair” to all users.
RELATED: Exchange under fire for ‘no PR’ reports on upcoming LUNC treasure burn
After the famous crash of Terra, LUNC investors continued to champion tactics to revive the cryptocurrency. Exchanges supported the revival with airdrops, listings, acquisitions and burns, while community members worked to implement a 1.2% tax credit on all LUNC transactions. After that, the token showed signs of life, having surged in price by 250% on September 9.
Meanwhile, South Korean authorities are currently prosecuting Terraform Labs founder Do Kwon for allegedly violating the country’s capital markets law. On September 14, a court in Seoul, South Korea, issued an arrest warrant for Kwon and five others. Then on Monday, the International Criminal Police Organization (Interpol) issued a “red notice” to Kwon. A red alert is a type of request by police around the world to arrest people facing various situations, such as legal charges.