Binance Confirms Opt-In Button to pay 1.2% Tax for LUNC Trading

How To Fix Binance App Crash and Login Errors?
Source: Reuters

Binance will be adding an opt-in button for users to pay a 1.2% tax for LUNC trading, the platform announced today.

The Binance CEO spoke on the most recent LUNC burn in a blog post on Friday. He says that the decision to implement the button is in response to a wide desire for it by Binance users. The CEO listed the following steps Binance will take in response to the LUNC burn:

Step 1. Implement an opt-in button, for people to opt in to pay a 1.2% tax for their LUNC trading.

Step 2. When the opt-in accounts reach a holding of 25% of the total LUNC held on Binance, it will start to charge a 1.2% tax for all opt-in traders when they trade LUNC. This prevents people who don’t hold the coin to affect the votes. It also gives the early adopters peace of mind that they are not the only few paying an extra 1.2%. The tax only kicks in at a 25% quorum. This should encourage them to opt-in more easily.

Step 3. When the opt-in traders reach 50% of the total LUNC trading volume on Binance, it will roll out the 1.2% trading tax for all Luna Classic trading. This prevents large LUNC whales who may hold large amounts, but don’t actively trade to influence votes.

Binance LUNC

According to the CEO, the feature will be removed if “the threshold for Step 2 cannot be reached within a month.” An exact date for the button’s addition was not confirmed.