KuCoin Will Support the 1.2% Tax Burn and Open the Withdrawal Service of Mainnet Terra Classic (LUNC) Tokens

Dear KuCoin Users,

Since the 1.2% tax burn of the Terra Classic (LUNC) network has been live at 06:15:58 on September 21, 2022 (UTC) at the Terra Classic block height of 9,475,200, KuCoin will support the 1.2% tax burn of Terra Classic (LUNC) and Terra Classic USD (USTC) tokens.

Please note:

1. No fee will be charged when users deposit LUNC and USTC tokens into KuCoin.

2. Due to the users’ deposit consolidation being subject to the 1.2% tax burn fee enacted by Terra Classic (LUNC) network, KuCoin will include the tax burn fee into the withdrawal fees for LUNC and USTC tokens.

Users will not be charged for this fee until the withdrawals are made.

KuCoin will adjust the withdrawal fees for LUNC and USTC tokens, as well as the minimum and maximum withdrawal amounts accordingly.

3. The tax will go live on KuCoin when the withdrawal service of mainnet Terra Classic (LUNC) tokens is open.

KuCoin will open the withdrawal service of mainnet Terra Classic (LUNC) tokens at 13:00:00 on September 21, 2022 (UTC).

4. Trading for LUNC and USTC tokens and relevant services will not be affected by the tax burn.

For further information, please refer to:

Proposal for the 1.2% Tax Parameter Change

KuCoin Will Support the 1.2% Tax Burn Proposal of the Terra Classic (LUNC) Community

Thank you for your support!

The KuCoin Team

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