Update on the Tax Burn of Terra Classic (LUNC) Network and Opening of the Deposit and Withdrawal Services of Mainnet Terra Classic (LUNC) Tokens
10/20/2022, 11:49:42
Dear KuCoin Users,
Since the tax burn deduction of the Terra Classic (LUNC) network from 1.2% to 0.2% has been live at the Terra Classic block height of 9,878,400, KuCoin will now support the 0.2% tax burn of Terra Classic (LUNC) and Terra Classic USD (USTC) tokens and update the fees as follow:
1. No fee will be charged when users deposit LUNC and USTC tokens to KuCoin.
2. Due to the users’ deposit consolidation being subject to the 0.2% tax burn fee enacted by Terra Classic (LUNC) network, KuCoin will include the tax burn fee in the withdrawal fees for LUNC and USTC tokens.
Users will not be charged for this fee until the withdrawals are made.
KuCoin will adjust the withdrawal fees for LUNC and USTC tokens, as well as the minimum and maximum withdrawal amounts accordingly.
3. The updated 0.2% tax has been live on KuCoin and the deposit and withdrawal services of mainnet Terra Classic (LUNC) tokens are now open.
4. The trading for LUNC and USTC tokens and relevant services will not be affected by the tax burn.
For further information, please refer to:
KuCoin Will Support the Tax Burn Deduction of Terra Classic (LUNC) Network to 0.2%
Thank you for your support!
The KuCoin Team
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