Crypto.com is the newest prominent exchange to implement Terra Classic (LUNC) 1.2% Tax Burn support.
The LUNC 1.2% tax burn is planned for block 9,475,200 on September 20, 2022, and will be backed by the exchange.
According to the exchange, the burn will only be applied to deposits and withdrawals in accordance with the burn proposal. The burn will not be applied to CryptoCom’s LUNC trading.
According to the exchange:
- “Deposits: Transactions will be taxed by the Terra Classic network before it reaches Crypto.com. The balance will be credited to your Crypto.com account after the 1.2% tax deduction by the network.
- Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Crypto.com and the 1.2% tax deduction by the network.”
Following CryptoCom’s backing, there are currently 10 exchanges willing to implement the tax burn. Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, and Kraken are among these exchanges.
Only Kucoin, MEXC Global, and CoinInn will allow burns on LUNC trading.