Right after, the world's largest cryptocurrency in terms of market share, Binance decided to implement Terra's 1.2% tax burn plan, the exchange on Wednesday announced to change the way they credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network. Binance has announced to apply a 1.2% consolidation fee for all Terra Classic network deposits.

In an announcement on September 27, Binance said, "Following feedback from our community, Binance will change the way we credit LUNC and USTC deposits and charge withdrawals for the Terra Classic Network."

On deposits, Binance said, "LUNC and USTC deposits to Binance are subject to the withdrawal fees charged by other exchanges or platforms, where applicable," adding, "Binance will apply a 1.2% consolidation fee for all deposits received by Binance before crediting to users’ accounts due to the 1.2% tax burn implemented on LUNC and USTC transactions on the Terra Classic network."

Update on Deposit and Withdrawal Fees for $LUNC and $USTC on Terra Classic #LUNC Network (2022-09-27).https://t.co/NReyEHYm7X

On withdrawals, Binance said, "users will receive the withdrawal amount minus withdrawal fees charged by Binance and the 1.2% tax burn."

On September 26, Binance said, "In response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users, Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. "

The specific amount of LUNC to be burned, its equivalent value in USDT and on-chain transaction ID will be updated each week in this announcement until further notice, it added.

Under its rules, Binance highlighted on Tuesday