Binance shares update on deposit and withdrawal fees for LUNC and USTC: details LUNCommunity LUNCburn Terra $USTC $LUNC
In a follow-up statement to its earlier announcement, Binance added that due to the 1.2% tax burn placed on LUNC and USTC transactions on the Terra Classic network, it will apply a consolidation fee of 1.2% to all deposits received by Binance before crediting users' accounts. This suggests that users will not receive their full withdrawal amount because of Binance's withdrawal fees and 1.2% tax burn.
After Binance said it would deploy a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs and send them to the LUNC burn address, LUNC jumped by almost 50% on Sept. 26. The first batch of trading fees on LUNC spot and margin trading pairs that will be burned will be calculated between Sept. 21 and Oct. 1, according to the release. The burn amount will not include fee rebates on LUNC spot and margin trading pairs toward the Binance Spot Liquidity Provider Program during the specified time frame.At the time of publication, LUNC was changing hands at $0.000027, marginally up in the last 24 hours.
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