In order to actively respond to users’ demand for deposits and withdrawals, BingX will support the tax and fee burning mechanism on the token chain on November 17, 2022 (UTC+8).

BingX currently has a token burning mechanism for the following currencies: Terra Classic (LUNC), TENSET (10SET).

When the tax burning mechanism takes effect, the deposit and withdrawal services of LUNC of BingX’s Terra Classic (LUNC) network and 10SET of Binance Smart Chain (BSC) network will be affected as follows:

The top-up of LUNC users will be taxed by Terra Classic (LUNC) network before reaching BingX.

After deducting 0.2% tax, the balance will be credited to the user’s BingX account.

The deposits of 10SET users will be taxed by the 10SET smart contract before reaching BingX.

After deducting 2% tax, the balance will be credited to the user’s BingX account.

Withdrawal: The withdrawal amount received by the user will be additionally deducted from the withdrawal fee charged by BingX and the taxes and fees burned by the withdrawal network and smart contracts.

The final withdrawal amount is subject to the actual amount received.

When you deposit and withdraw, please pay attention to the chain types supported by BingX to avoid unnecessary losses due to chain types.

The spot and contract transactions of LUNC and 10SET will not be affected by this tax burning mechanism.

The Terra community has passed the 5234 proposal. According to the content of the proposal, it will update the LUNC token transaction tax and fee burning mechanism on the Terra Classic (LUNC) network.

The tax parameter has been changed from the previous 1.2% to 0.2% and applies to all token types currently available on the Terra Classic chain.

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