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Binance to add opt-in button for 1.2% LUNC burn tax on all trades

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Binance to add opt-in button for 1.2% LUNC burn tax on all trades

Binance to add opt-in button for 1.2% LUNC burn tax on all trades Zeynep Geylan · 3 hours ago · 2 min read

Binance’s CEO Changpeng Zhao was asked about the 1.2% per-transaction tax of Terra Luna Classic during an AMA session he held on Sept. 23. 

2 min read

Updated: September 24, 2022 at 12:34 am

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Cover art/illustration via CryptoSlate

Binance CEO Changpeng Zhao (CZ) was asked if Binance was ever going to apply the 1.2% tax on Terra Luna Classic (LUNC) off-chain trades.

CZ answered the question during a Twitter AMA, stating that Binance would add an opt-in button for those wishing to apply the burn. However, he later posted a blog post to introduce a “voting” mechanism on the burn.

Binance announced that it would only apply the 1.2% tax burn to on-chain transactions such as deposits and withdrawals on Sept. 9. CZ started his latest post that off-chain exchange trades were not included as it would deter users from trading LUNC on Binance.

CZ mentioned the involvement of game theory and said the tax burn wouldn’t work unless all centralized exchanges in the world apply it. He wrote:

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“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.”

With that being said, CZ also acknowledged LUNC holders’ desire to see a decrease in supply and showed his willingness to listen to the Binance community.

Opt-in for the burn

In his blog post, CZ introduced a three-step plan to decide whether to apply the tax burn or not.

The plan’s first step is implementing an opt-in button for the LUNC tax burn. This button will be visible to LUNC holders, and they can switch it on if they want to burn 1.2% of their LUNCs in each transaction.

If the number of users who choose to implement the tax burn exceeds 25% of the total LUNC held on Binance, then the exchange will move on to the second step, which charges the 1.2% tax burn for all traders who choose to opt-in for it.

This burn will only apply to those willing to burn their tokens. CZ explained the necessity of this step by stating:

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“This prevents people who don’t hold LUNC to affect the votes. It also gives the early adopters peace of mind that they are not the only few paying an extra 1.2%. The tax only kicks in at 25% quorum. This should encourage them to opt in more easily”

Finally, if the number of users who opt-in exceeds 50% of the total LUNC held on Binance, then the third step of the plan will be initiated to apply the tax burn on all LUNC transactions within Binance.

CZ concluded that if the required 50% in the second step is not reached within a month of the completion of step 1, the opt-in button will be removed completely.

Exchanges

Binance resumes BSC bridge operation after 2M BNB exploit

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Binance resumes BSC bridge operation after 2M BNB exploit

Binance resumes BSC bridge operation after 2M BNB exploit Christian Nwobodo · 41 mins ago · 2 min read

The attacker leveraged a message verification vulnerability found in the BSC bridge to transfer 2 million BNB — roughly $590 million — into Venus protocol.

2 min read

Updated: October 7, 2022 at 11:13 am

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Cover art/illustration via CryptoSlate

The BNB Smart Chain resumed its operations shortly after an attacker drained 2 million BNB from the cross-chain bridge.

Binance announced the suspension of deposits and withdrawals from its BNB chain on Oct. 6, after a hacker transferred about 2 million BNB — roughly $590 million — to a Tether-blacklisted wallet.

BNB chain validators moved to upgrade their nodes and disabled native cross-chain communication. The upgrade was intended to stop the hacker from causing more harm.

In the early hours of Oct. 7, Binance announced that the BNB Smart Chain has resumed operations.

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[email protected] is back online. We have now resumed @BNBCHAIN deposits and withdrawals on #Binance.

Thank you for your patience. https://t.co/icZvlWaHGi

— Binance (@binance) October 7, 2022

$568 million lost in BSC bridge hack

According to an on-chain investigation by Paradigm Research Analyst @samczsun, the attacker leveraged a message verification vulnerability found in the Binance bridge to send 2 million BNB (approx. $568 million) into Venus protocol.

In summary, there was a bug in the way that the Binance Bridge verified proofs which could have allowed attackers to forge arbitrary messages. Fortunately, the attacker here only forged two messages, but the damage could have been far worse

— samczsun (@samczsun) October 7, 2022 

According to security firm BlockSec, the BSC bridge hack now ranks third in a list of 11 cross-chain bridges that have lost a cumulative $2 billion since July 2021.

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Security risk of cross-chain bridges

The growing list of bridge hacks brings to mind Vitalik Buterin’s argument against cross-chain bridges in a multi-chain future.

My argument for why the future will be *multi-chain*, but it will not be *cross-chain*: there are fundamental limits to the security of bridges that hop across multiple “zones of sovereignty”. From https://t.co/3g1GUvuA3A: pic.twitter.com/tEYz8vb59b

— vitalik.eth (@VitalikButerin) January 7, 2022 

Vitalik argued that cross-chain bridges increase the security risks involved in transferring assets. Since assets have to be transferred across different blockchain security networks, chains become interdependent on one another.

Consequently, an attack against one chain could spread the contagion across other chains.

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Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog

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Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog

Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading platform was one of those that did not restrict access for Russians amid sanctions that affected the industry’s business in Russia.

Okx Blacklisted on Request From Russian Prosecutor’s Office for Disseminating Banned Information

Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media, also known as Roskomnadzor, has added this week the domain name of crypto exchange Okx to its list of sites containing information, the distribution of which is prohibited in the Russian Federation. The move follows a decision by the Russian Prosecutor General’s Office.

The Seychelles-based company is among the few leading coin trading platforms that did not introduce restrictions for Russian users despite mounting Western sanctions imposed over Russia’s military invasion of Ukraine, the Russian business news portal RBC noted in a report.

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Russian prosecutors asked the telecom watchdog to prevent access to its website for “dissemination of unreliable socially significant information of financial nature,” Roskomnadzor told RBC Crypto. The agency’s press service further elaborated:

The site published information related to the activities of financial pyramids, as well as information on the provision of financial services by persons who do not have the right to provide them in accordance with the legislation of the Russian Federation.

Okx, which has a daily trading volume of around $1.5 billion and lists some 350 digital assets, has not commented yet. Russian legal experts noted, however, that in the absence of a comprehensive legal framework, any exchange can be blocked in Russia. According to Daniil Gorkov, a lawyer at the Criminal Defense Firm, this would deal an irreparable blow to the country’s crypto market.

Roskomnadzor has a history of taking down crypto-related websites. In September 2020, the world’s largest crypto trading platform, Binance, was blocked for some time. The popular exchange aggregator Bestchange.ru has been blacklisted on several occasions and crypto news outlets have been targeted, too. In each of these cases, the restrictions were later lifted with prosecutors failing to convince the courts.

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ban, blocking, communications, crypto exchange, Exchange, Information, Media, Okx, prosecutor’s office, restrictions, Roskomnadzor, Russia, russian, russians, Sanctions, Site, sites, telecom watchdog, trading platform, users, watchdog, Websites

Do you think Russian authorities will restrict access to other major crypto exchanges? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Binance removes 5 HNT, OOKI trading pairs, adds 18 new ones

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Binance removes 5 HNT, OOKI trading pairs, adds 18 new ones

Binance removes 5 HNT, OOKI trading pairs, adds 18 new ones Zeynep Geylan · 2 hours ago · 2 min read

Cross & isolated margin pairs HNT/BUSD, HNT/USDT and spot pairs HNT/BTC, HNT/USDT, OOKI/BNB will be removed next week, while 18 new ones are already added.

2 min read

Updated: October 6, 2022 at 10:07 am

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Cover art/illustration via CryptoSlate

Exchange giant Binance announced that it will remove HNT/BUSD and HNT/USDT cross & isolated margin pairs and HNT/BTC, HNT/USDT, and OOKI/BNB spot pairs next week. The cross & isolated pairs HNT/BUSD and HNT/USDT  will be removed on Oct. 12, while the rest will be removed two days later, on Oct 14.

HNT/BUSD and HNT/USDT cross isolated margin borrowings will be suspended on Oct. 7 at 03:00 UTC. The announcement strongly advised investors to close their positions. The ones that are not closed until Oct. 12, 03:00 UTC, will be closed with an automatic settlement, and all pending orders will be canceled.

Newly added pairs

While the removal of the above-mentioned trading pairs will commence next week, the exchange already added 18 new pairs to its platform. These 18 pairs mainly consist of GMX and SNM, as they are added as borrowable assets on cross margin and isolated margins.

There are 15 new cross-margin pairs, which are BUSD AND USDT pairs of ATA, DGO, ERN, GMX, HIGH, LIT, and RSR. The SNM, on the other hand, is only paired with BUSD. The remaining three new pairs, GMX/BUSD, GMX/USDT, and SNM/BUSD, were added as isolated margin pairs.

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Re-arranging support list

Binance has been re-arranging its list of supported tokens recently. On Sept. 29, the exchange announced that it will stop supporting USD Coin(USDC), TrueUSD (TUSD), and Paxos Standart (USDP) stablecoins.

Binance said that this decision was made to increase the platform’s liquidity and capital efficiency. Despite the decision, Binance users are able to withdraw and deposit USDCs to their Binance wallets.

One month later, on Oct. 5, Binance announced that it added GMX as a new asset. The decision was made after the GMX token gained considerable popularity during September and increased its volume above the $50 mark during the coldest winter in crypto history.

FTX also joined Binance’s decision to add GMX on the same day. This resulted in a 35% spike in the GMX price in 24 hours.

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