Binance will not apply Terra Classic tax burn to spot trade on exchange

Binance has announced that it will not support the $LUNC tax burn to spot or margin trades made on its exchange. Luna Classic governance proposals 3568 and 4159 were passed to add a 1.2% tax to all on-chain transactions at a block height of 9,475,200. Binance will apply the tax to all deposits and withdrawals. KuCoin also announced Wednesday that it would “support” the tax burn. However, it fell short of declaring if it would apply the tax to trades but confirmed it would apply to withdrawals and deposits. Any announcement that an exchange is supporting the tax is merely public relations positioning.