Binance burns $1.9M LUNC tokens
Binance announced that it has burned 5.5 billion Luna Classic tokens following its implementation of the burn mechanism. According to the announcement by the firm, it burned all the trading fees for LUNC spot and margin trading pairs. The burn program began on Sept. 21.
The burnt 5.5 billion LUNC tokens represent the fees the exchange got between Sept. 21 to Oct. 1. Binance was previously reluctant about the implementation of the 1.2% burn tax mechanism, saying it was going to add an opt-in button for users. However, the community’s negative reaction to the idea forced the exchange to cancel the plan. A Twitter account tracking Luna Burn confirmed that Binance has sent the tokens to the LUNC burn address. At the current price, it means that almost $1.9 million worth of LUNC was burned.
Source
https://t.me/CryptoMarketUpdates
