On one hand LUNA was one of the best crypto projects out there, on the other hand one of the biggest threats to the centralized banks. Just this sentence makes it obvious that a project like this must have failed for someone’s good.
(someone=traditional banking system)
FACTS
LUNA – one of the reasons that brought down the entire crypto market
Do Kwon – Red Noticed issued by Interpol
Binance continues its support for LUNA.
What is going on?
The likely reason for the price explosion: The world's largest crypto exchange Binance applies the 1.2% fee burn on trades of Terra LUNA Classic (LUNC), thus showing support for the coin!
Background: In addition to the 1.2% tax on deposits and withdrawals, Binance will burn all trading fees from LUNC spot and margin trading activities.
Why?
There is no clear reason.
According to Binance:
In response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users, Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.
Well. There are a lot of crypto communities out there, that do not get such special treatment from Binance.
Therefore, the Binance support for LUNA is quite mysterious. I can only see two reasons behind this:
- Personal attachment from Binance CEO to some unknown part of the LUNA project.
- A f*** you to the traditional banking from Binance.
If LUNA was intentionally targeted, Binance is now showing us that it stands for the crypto community. Although I am usually skeptical of Binance and LUNA, a stand like this is much appreciated.
Go Crypto. Go on forever.
