Dear Users,

To actively respond to users' deposit and withdrawal requirements, BingX will support Tax Burn on related networks 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, BingX's deposits and withdrawals fees for LUNC on the TERRA Classic (LUNC) network LUNC and 10SET on the Binance Smart Chain (BSC) network will be affected as follows:

Deposits:

1. LUNC users' deposits will be taxed by the Terra Classic (LUNC) network before reaching BingX. The balance will be credited to your BingX account after the 0.2% tax deduction by the network.

2. 10SET users' deposits will be taxed by the 10SET Smart Contract before reaching BingX. The balance will be credited to your BingX account after the 2% tax deduction by the network.

Withdrawals: Users will receive the withdrawal amount minus BingX withdrawal fees and the fees collected 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 trading will not be affected by the Tax Burn mechanism.

3) The LUNC community has just passed Proposal 5234. According to the proposal, 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
2022-11-07
 
 
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.
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