As per Binance’s earlier announcement, the 1.2% tax burn for LUNC and USTC is expected to go live at the Terra Classic block height of 9,475,200, or approximately 2022-09-21 22:00 (UTC).
To clarify, LUNC and USTC deposits from users’ deposit addresses into Binance hot wallets will be consolidated and subject to the 1.2% tax burn fee by Terra Classic network once the burn tax is live.
Binance will include the 1.2% tax burn fee into the withdrawal fees for LUNC and USTC. Users will not be charged this fee until withdrawals are made.
Binance will adjust the withdrawal fees for LUNC and USTC, as well as the minimum and maximum withdrawal amounts accordingly.
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