Exchanges Reduce Terra Classic (LUNC) Burn Tax Rate

Three cryptocurrency exchanges have announced to implementation of Terra Classic's proposal to reduce taxes on LUNC/USD and USTC/USD on-chain transactions.

This comes hours after Binance BNB/USD announced that it would follow a proposal recently approved by the Terra Classic community.

After Binance announced its support for the initiative, major cryptocurrency trading platforms such as KuCoin, OKX and Crypto.Com followed suit.

Crypto.com to reduce the tax burn rate on-chain transactions, including deposits and withdrawals, from 1.2% to 0.2%.

OKX also stated to reduce the tax burn for USTC and LUNC from 1.2% to 0.2% .

Whereas KuCoin stated, "KuCoin will support the tax burn deduction of LUNC & USTC tokens when the 0.2% tax burn goes live at the Classic Terra block height of 9,878,400."

At press time, Terra Classic price is $0.00025 USD whereas TerraClassicUSD price is $0.0395 SD.