Binance Issues Updates on Deposit and Withdrawal Fees for LUNC and USTC

The crypto exchange Binance has issued an update today on the deposit and withdrawal fees for  LUNC and USTC on Terra Classic (LUNC) network, in response to the new tax burn mechanism, Proposal 5234.

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The firm explained that 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 comes into effect at epoch 98, or around 2022-10-19 12:50 (UTC).

The exact updates are as following:

• Deposits: Binance will cut the 1.2% consolidation fee for all LUNC and USTC deposits received by Binance to 0.2%. LUNC and USTC deposits to Binance are still subject to the withdrawal fees charged by other exchanges or platforms, where applicable, the firm notes.

• ​Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 0.2% tax burn.

Shortly before, Fazzaco reported that Binance continued its push into the embattled crypto mining industry with a plan to begin offering a crypto cloud mining product​ next month.