Binance chief Changpeng ‘CZ’ Zhao has declared the cryptocurrency exchange will burn all collected trading fees on its LUNC/USDT and LUNC/BUSD spot and margin pairs.
The move comes as a bid to help the beleaguered Terra community and its attempts to revive LUNA and Terra Classic (LUNC).
Binance revealed an off-chain burning mechanism last week, but the announcement was met with protests from community members. This led to a u-turn on the plan, allowing it to be revised today as a trading fee burn.
“We have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance,” said CZ today.
“Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users’.
“This way we can be fair to all users. The trading experience and liquidity remain the same, and Binance can still contribute to the supply decrease of LUNC, which is what the community wants.”
LUNC investors have been making numerous efforts to resuscitate the token following the collapse of Terra earlier this year.
According to prosecutors in South Korea, Terraform Labs’ founder Do Kwon is officially ‘on the run’ after failing to respond to an arrest warrant issued two weeks ago.
Kwon is wanted in connection with a series of allegations pertaining to violations of South Korea’s capital markets law.