• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

Terra Classic LUNC community criticizes CZ’s recommendation for a 1.2% trade tax on Binance


September 25, 2022 · By Muhammad Awwal
Terra Classic (LUNC)

The CEO of Binance, Changpeng Zhao, suggested a flat 1.2% trading fee on LUNC trades that may be burned in order to decrease the token’s supply overall and enhance price performance.

The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, most recently suggested a flat 1.2% trading fee on LUNC trades that may be burned to reduce the token’s total supply and enhance its price performance. Speaking to the community, CZ said:

“We will implement an opt-in button (on the Binance exchange), for people to opt-in to pay a 1.2% tax for their LUNC trading.”

However, the exchange would start taxing opt-in trading after receiving approval from 25% of LUNC investors, ensuring that early adopters “are not the only few paying an extra 1.2%.” 

Only once opt-in traders account for 50% of all LUNC trading volume on the exchange will a 1.2% flat trading tax be applied to all LUNC transactions.

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 🔶 BNB (@cz_binance) September 23, 2022

The recommendation caused a rift in the LUNA community because some people backed CZ’s implementation of the opt-in button while others saw it as market manipulation by a single entity.

CZ supported LUNC burning but supported community vote, letting traders on the platform approve the proposal, saying, “We listen to and protect our users.” The businessman is aware that LUNC traders would prefer to transfer assets to other exchanges without the burn unless the modification is made across all exchanges and on-chain.

Primary Sidebar

LATEST NEWS

Superform: The Cross-Chain DeFi Hub Redefining Asset Management

December 8, 2025

South Korea Moves to Hold Crypto Exchanges to Bank Level Liability After Upbit Breach

December 7, 2025

Solana’s WET Presale Ambushed by Sybil Wallets as HumidiFi Cancels Launch

December 6, 2025

US Prosecutors Seek 12-Year Prison Term for Terraform Co-Founder Do Kwon

December 5, 2025

Ethereum’s Fusaka Upgrade Goes Live, Ushering In a New Era of Scalability and Lower Node Costs

December 4, 2025

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • US Regulator Opens the Door for Banks to Handle Crypto Trades December 9, 2025
  • Superform: The Cross-Chain DeFi Hub Redefining Asset Management December 8, 2025
  • South Korea Moves to Hold Crypto Exchanges to Bank Level Liability After Upbit Breach December 7, 2025

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Decentraland (MANA) Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) FTX Token (FTT) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) Terra Classic (LUNC) The Graph (GRT) Theta Network (THETA) Tixl (TXL) TRON (TRX) Trustswap (SWAP) Uniswap (UNI) USD Coin (USDC) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2025 · Today in Crypto · Terms & Privacy · Log in