Crypto exchange Binance has announced that the 1.2% tax burn for LUNC and USTC is expected to go live from September 21, 22:00 (UTC).
The tax burn will go live exactly at the Terra Classic block height of 9,475,200. Once the burn tax is live, LUNC and USTC deposits from users’ deposit addresses into Binance hot wallets will be consolidated and subject to the 1.2% tax burn fee by Terra Classic network.
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Binance says that it will include the 1.2% tax burn fee into the withdrawal fees for LUNC and USTC. Users will be charged with this fee when the withdrawals are made.
