Why #BoycottBinance is trending on Twitter?!

#BoycottBinance is currently trending on Twitter, with over 15.9k tweets! It’s a strange depiction of hatred for the world’s largest cryptocurrency exchange!

In this blog, I’ll explain why this hashtag is so hot. And what caused this hatred?

So, without further ado, let’s get started!

CZ AMA Session:

Binance CEO Changpeng Zhao (CZ) was questioned if the 1.2% tax on Terra Luna Classic (LUNC) off-chain trades will ever be implemented.

During a Twitter AMA, CZ responded to the query by noting that Binance will introduce an opt-in option for individuals desiring to apply the burn. He did, however, subsequently make a blog post introducing a “vote” system on the burn.

On September 9, Binance declared that the 1.2% burn tax will only apply to on-chain transactions like deposits and withdrawals. CZ began his most recent article by stating that off-chain exchange deals were not included because they would discourage people from trading LUNC on Binance.

CZ mentioned the use of game theory and stated that the tax burn would not work unless all centralized exchanges around the world implemented it. He stated:

“If Binance charged 1.2% per transaction, I don’t think we would burn very much because most LUNC traders would go to other exchanges that don’t have the burn.”

Having said that, CZ recognized LUNC holders’ request for a drop in supply and demonstrated his readiness to listen to the Binance community.

The Reaction:

The LUNA community thought that Binance would set an example by implementing the 1.2% burn tax requirement per transaction. However, many see this announcement by CZ and Binance as a betrayal and have taken to the hashtag #BoycottBinance!

With 15.9k tweets, the hashtag quickly gained popularity and is still growing!

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Source : Binance Medium

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