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LUNC, USTC Deposits and Withdrawals on Binance To See New Changes: Details

27 Sep, 20222 min readOther
LUNC, USTC Deposits and Withdrawals on Binance To See New Changes: Details

Following user feedback, top cryptocurrency exchange Binance says it will modify how it credits LUNC and USTC deposits and charges withdrawals for the Terra Classic Network. However, withdrawal fees imposed by other exchanges or platforms still apply to LUNC and USTC deposits on Binance.

Update on Deposit and Withdrawal Fees for $LUNC and $USTC on Terra Classic #LUNC Network (2022-09-27).— Binance (@binance) September 27, 2022

In a follow-up statement to its earlier announcement, Binance added that due to the 1.2% tax burn placed on LUNC and USTC transactions on the Terra Classic network, it will apply a consolidation fee of 1.2% to all deposits received by Binance before crediting users' accounts. This suggests that users will not receive their full withdrawal amount because of Binance's withdrawal fees and 1.2% tax burn.

After Binance said it would deploy a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs and send them to the LUNC burn address, LUNC jumped by almost 50% on Sept. 26.

The first batch of trading fees on LUNC spot and margin trading pairs that will be burned will be calculated between Sept. 21 and Oct. 1, according to the release. The burn amount will not include fee rebates on LUNC spot and margin trading pairs toward the Binance Spot Liquidity Provider Program during the specified time frame.

At the time of publication, LUNC was changing hands at $0.000027, marginally up in the last 24 hours.

Terra's Do Kwon tweets from hiding

Terraform Labs CEO Do Kwon broke days of Twitter silence after he responded to a user who inquired about his location. To another who asked about his thoughts on the Interpol red notice issued for him, Kwon responded: "For something that has notice in the name it sure gives no notice. Yeah as i said im making zero effort to hide. I go on walks and malls, no way none of CT hasnt run into me the past couple weeks."

Except this time they claimed to have made it max public?— Do Kwon 🌕 (@stablekwon) September 26, 2022

Kwon remarked, "Except this time they claimed to have made it max public." The majority of red notices are not made public and are restricted to law enforcement use only. In earlier tweets, Do Kwon insisted he was not on the run and had nothing to hide.

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