Announcement on BingX Supporting the Tax Burn Mechanism on the Blockchain

Announcement on BingX Supporting the Tax Burn Mechanism on the Blockchain

BINGX

Crypto1earn

11/10/20222 min read

Dear Users,

To actively respond to users' deposits and withdrawals requirements, BingX will support the Tax Burn mechanism on the blockchain from 2022-11-17 (UTC+8).

BingX already supports the Token Burn for the following currencies: Terra Classic (LUNC) and TENSET (10SET).After the Tax Burn mechanism takes effect, the deposits and withdrawals fees for BingX's TERRA Classic (LUNC) network LUNC and Binance Smart Chain (BSC) network 10SET will be affected as follows:

Deposits:

  1. LUNC users' deposits will be taxed by the Terra Classic (LUNC) network before reaching BingX. After deducting 0.2% tax, the remainder will be credited to the user's BingX account.

  2. 10SET10SET users' deposits will be taxed by the 10SET Smart Contract before reaching BingX. After deducting 2% tax, the remainder will be credited to the user's BingX account.

Withdrawals:
Users will receive the withdrawal amount minus BingX withdrawal fees and the fees charged by Tax Burn and Smart Contract networks. The final withdrawal amount is subject to the actual amount received.

Note:

  1. Please make sure that the selected chain/network on BingX is the same as the chain/network of the platform you are withdrawing funds from or depositing funds to so that unnecessary losses can be avoided.

  2. LUNC and 10SET Spot and Futures trades will not be affected by the Tax Burn mechanism.

  3. The LUNC community has just passed Proposal 5234. According to the proposal's content, it will reduce the Tax Burn for on-chain transactions of LUNC on the Terra Classic (LUNC) network. The Tax Burn rate has been reduced from 1.2% to 0.2% and applies to all token types currently available on the Terra Classic network.

Thank you for your support!
BingX Operation Team

BingX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.

About BingX
BingX is a cryptocurrency social trading exchange that offers spot, derivatives and copy trading services including but not limited to BTC USDT, XRP USDT, ETH USDT and Luna USDT to more than 100 countries worldwide with over 5 million users. The copy trading function implemented with our unique technology has benefited over 20,000 copy trading traders and 5,000 daily traders.

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