WEB3
by BSC News
September 26, 2022
Opt-in option for Binance users on implementing burn tax on LUNC transactions.
Recently, Changpeng Zhao, aka CZ, the CEO of Binance was asked on Twitter about how Binance is going to support the LUNC burn of 1.2% for every trade on Binance.
CZ began by saying that as a business they (Binance) would not even consider “implementing something that isn’t done on the protocol level first.”
Then, he listed the following things that Binance would follow:
1. Implementing an opt-in button, for people to opt-in to pay a 1.2% tax for their LUNC trading.
2. When opt-in accounts reach a holding of 25% of the total LUNC held on Binance, they will start to charge 1.2% tax for all opt-in traders when they trade LUNC.
3. When the opt-in traders reach 50% of the total LUNC trading volume on Binance, Binance will roll out the 1.2% trading tax for all LUNC trading.
Explaining further, CZ said that almost everyone would want all the platforms and chains to burn 1.2% at every transaction and things change when it affects the balance, Until the time almost every centralized exchange implements this, things will not work out, he added.
Related News
Latest News
May 18, 2024
Weekly Article Recap: 5/13-5/17
May 17, 2024
Kraken ‘Actively Reviewing’ The Status of Tether in Compliance With MiCA
May 17, 2024
Nigerian Court Denies Bail to Binance Exec Tigran Gambaryan on Money Laundering Charges
May 17, 2024
All You Need to Know About The Pump.Fun Exploit
May 16, 2024
French Regulator Hints at Legal Action Against Bybit, Citing Illegal Operations
May 16, 2024
What is MakerDAO’s Upcoming PureDai and NewStable?
May 16, 2024
Morgan Stanley Reports $270M Bitcoin ETF Investment in Grayscale’s GBTC
May 16, 2024
What is pSTAKE Finance?
More News