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Binance Reluctant to Implement The 1.2% Tax Burn on LUNC Spot Trade, as CZ Suggests An Alternative.
Binance remains reluctant to implement the LUNC 1.2% tax burn on trades, with CEO Changpeng “CZ” Zhao bringing up an alternative for the exchange to introduce a feature that will give users the opportunity to choose to opt-in for the 1.2% trading fee.
Binance, among other notable exchanges, have indicated support for the Terra Classic (LUNC) on-chain 1.2% burn tax. Notwithstanding, the majority of these exchanges, including Binance, have not shown readiness to implement the tax burn on spot trades.
The reluctance has not been received well by the Terra community, as most proponents insist on the full implementation of the proposal. Notwithstanding, CZ noted that he would be addressing the concerns on the matter in a scheduled AMA meeting with the Terra community.
The meeting which was held on September 23 featured CZ who addressed the concerns raised by LUNAtics. Notwithstanding, CZ brought up a suggestion that would satiate both parties.
I answered the question about LUNC in my Twitter Space AMA just now.
Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees.
— CZ 🔶 Binance (@cz_binance) September 23, 2022
“Another option is to implement a feature to let users opt-in for a 1.2% trading fee themselves for burn. And see how many of the voting community do that first. Vote with your fees,” CZ said in a tweet following the meeting.
Binance has remained reluctant to implement the tax burn on a general scale, as some investors might not find it acceptable. CZ is basically giving all users the opportunity to decide on the 1.2% trading fee.
Most Terra proponents have so far indicated satisfaction in Binance’s proposal. A notable LUNAtic called the suggestion “a great middle ground.”
“BREAKING NEWS : @cz_binance proposes an OPTIONAL 1.2% $LUNC burn on all spot trades! I think this is a great middle ground to get other exchanges onboard,” the individual noted in a tweet.
BREAKING NEWS : @cz_binance proposes an OPTIONAL 1.2% $LUNC burn on all spot trades!
I think this is a great middle ground to get other exchanges onboard!
Let’s get a proposal out there for this! 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥 pic.twitter.com/OrCvSlkUUS
— Classy 👾 (@ClassyCrypto_) September 23, 2022