Binance reluctantly implements a 1.2% LUNC tax burn on LUNC spot trades as CEO Changpeng Zhao offers an alternative to the exchange to introduce a feature that allows users to choose join with 1.2% transaction fee.
In the latest tweet by CZ CEO, he responded about the application of a 1.2% tax burn on LUNC spot transactions. Although not really agreeing with LUNC’s proposal to burn 1.2% tax, the largest exchange has moved to support the 1.2% burn tax on Terra Classic (LUNC) chain.
CEO Changpeng Zhao, giving users another option is to implement a feature that allows users to opt-in for a 1.2% transaction fee on recording.
This option was added after CZ joined the Twitter Space AMA held on September 23 by Terra Rebels.
Binance remains reluctant to implement tax burn on a general scale as the exchange fears that it is afraid of losing customers by imposing an extra 1.2% fee on transactions.
With this option, anyone who wants to burn 1.2% can go ahead and send 1.2% of their balance to the burn address. No one will stop them. Anyone who doesn’t want to impose a 1.2% tax on spot transactions can simply skip the feature and continue with normal transaction fees.
As can be seen from the community response, Binance’s new option is “innocuous“. However, this may be a clever move by the Binance CEO to please both his users and those who made this recommendation to Terra.
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