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New Life in Luna Classic? CZ Announces Binance LUNC Burn Mechanism

LUNC price soared more than 25% after Binance CEO CZ announced the exchange's plan for a burn mechanism for trading commissions on the token.

Recently, Binance CEO Changpeng Zhao (CZ) took to Twitter to explain how Binance will support the 1.2% burn fee for transactions of Luna Classic (LUNC).

Instead of more complex options, such as an “opt-in button,” Binance decided to burn all trading commissions collected by the exchange on $LUNC spot and margin pairs against $BUSD and $USDT.

Within five minutes of Zhao’s announcement, the price of $LUNC shot up by more than 25%.

Do Kwon’s Continuing Legal Issues

In terms of price impact, the Binance announcement outweighed continuing negative news about Terraform Labs Co-Founder Do Kwon, who is accused of financial fraud and violating capital market laws in South Korea.

On Monday, South Korea law enforcement said Interpol had issued a “red notice” for the search and arrest of Kwon.

About Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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