LUNC price soared more than 25% after Binance CEO CZ announced the exchange’s plan for a burn mechanism for trading commissions on the token.
Recently, Binance CEO Changpeng Zhao (CZ) took to Twitter to explain how Binance will support the 1.2% burn fee for transactions of Luna Classic (LUNC).
Instead of more complex options, such as an “opt-in button,” Binance decided to burn all trading commissions collected by the exchange on $LUNC spot and margin pairs against $BUSD and $USDT.
Within five minutes of Zhao’s announcement, the price of $LUNC shot up by more than 25%.
Do Kwon’s Continuing Legal Issues
In terms of price impact, the Binance announcement outweighed continuing negative news about Terraform Labs Co-Founder Do Kwon, who is accused of financial fraud and violating capital market laws in South Korea.
On Monday, South Korea law enforcement said Interpol had issued a “red notice” for the search and arrest of Kwon.
About Binance:
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