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Binance May Impose Tax on Terra Classic Trading

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Binance Exchange will introduce a transaction tax subscription for transactions with Terra Classic (LUNC). If the trading volume of the program participants reaches 50% of the total asset on the platform, the fee will be distributed to all clients, said the head of the company, Changpeng Zhao.

On August 26, 2022, the v22 update was activated in Terra Classic, which introduced a transaction tax of 1.2% into the blockchain. The network withdraws the cryptocurrency received as part of these fees, putting deflationary pressure on the LUNC supply.

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At the time, the Terra Rebels initiative group behind the development of the update emphasized that the team could not tax off-chain transactions, in particular, operations on centralized platforms.

The tax is valid from 21 September. On the first day, the system burned over 80 million coins.

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Some cryptocurrency exchanges like KuCoin have supported the introduction of the fee. However, Binance initially declaredthat this tax will not be levied on the platform.

Ultimately, the company decided to “listen to the community,” Zhao said. The transaction tax will be introduced through the subscription feature in two stages, if certain conditions are met at each.

Binance will start taxing program subscribers when their trading volume with LUNC reaches 25% of the total asset on the platform. After reaching the level of 50%, the fee will be distributed to all traders of the exchange who interact with Terra Classic.

β€œIf the specified thresholds are not met within a month of the implementation of the subscription, or fall below this level again in the future, we will remove the feature to maintain a simpler user experience,” Zhao added.

Some community members supported the exchange’s decision. However, there is also an opposing view. For example, analyst FatMan called the move “pretty stupid.”

β€œIt’s pretty stupid. Anyone who wants to burn 1.2% [LUNC], can safely send a relevant percentage of their balance to the burning address. Nobody stops them. This does not require a Binance function. To be honest, most of these people want others to take the coins out of circulation. They will not do it themselves,” he wrote.

One of the validators of the Terra Classic ecosystem noted that the mechanism proposed by Zhao “has a near-zero chance of success.”

“In his latest article [Π§ΠΆΠ°ΠΎ] gives the impression that the subscription approach is a reasonable democratic process, although logically he understands that the probability that it will ever work is almost 0%,” he wrote.

According to the validator, taxes only work when they are β€œuniversal” and apply to everyone. He emphasized that the Terra Classic community had already voted for this.

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Source: Cryptocurrency

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