Binance updates on deposit and withdrawal fees for LUNC
Binance has issued an update on deposit and withdrawal fees for LUNC and USTC on the Terra Classic (LUNC) network.
The LUNC community has passed Proposal 5234, which will reduce the tax burn for on-chain transactions of LUNC and USTC on Terra Classic network from 1.2% to 0.2%. The change will take effect at epoch 98, or approximately at 2022-10-19 12:50 (UTC).
In response, Binance will make the following updates to the deposit and withdrawal fees for LUNC and USTC on Terra Classic network once the new tax burn mechanism is live.
- Deposits: Binance will reduce the 1.2% consolidation fee for all LUNC and USTC deposits received by Binance to 0.2%. Please note that LUNC and USTC deposits to Binance are still subject to the withdrawal fees charged by other exchanges or platforms, where applicable.
- Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 0.2% tax burn.