Therefore, you should be buying for the long-term (then, it’s ultra worth it!). When the price of leading crypto assets like Bitcoin and Ethereum rise, the mood in the crypto market improves, and more buyers enter the space. Such a sentiment could power higher buying activity across the board and support LUNA price statistics, driving up the value of the Terra 2.0 native token. Especially for people who are new to these platforms, buying LUNA can be quite intimidating. There is a lot of movement of funds, fees, and sending money to long-tailed-weird-looking addresses. Hopefully, this how-to guide has alleviated some of the stress, but just know that on-ramping and off-ramping from Terra will only become easier in the future.
Last March, Attorney General Jamesissued a taxpayer notice to virtual currency investorsand their tax advisors to accurately declare and pay taxes on their virtual investments. In October 2021, Attorney General Jamesdirected unregistered crypto lending platformsto cease operations for not registering with the state. KuCoin is a virtual currency trading platform that allows investors to buy and sell cryptocurrency through its website and app. On its platform, KuCoin investors can buy and sell popular virtual currencies, including ETH, LUNA, and TerraUSD , which are securities and commodities. This action is one of the first times a regulator is claiming in court that ETH, one of the largest cryptocurrencies available, is a security.
The first thing you must know is that KuCoin is a unique DeFi exchange in that you’ll never have to link your fiat bank. That means there is no KYC and all your trading on the platform will be done in complete anonymity. Instead of connecting your fiat bank, you’ll buy crypto using your credit card. The airdrops of the new tokens started immediately after the Genesis block’s creation on the new Terra blockchain. 30% of the circulating supply of LUNA will be airdropped to users who held less than 10,000 LUNC before the attack or the de-peg of UST to US dollar.
There are many incentives for staking LUNA as well as exciting decentralized crypto projects on Terra which create a more fair financial system. LUNA is often looked at as one of the most exciting crypto projects on the market and, until now, has been extremely undervalued. Confirm the number of tokens and the withdrawal processing fee KuCoin will charge for the transaction before finalizing the withdrawal.
Buy Terra (LUNA) with crypto on the KuCoin Spot Market
This lawsuit continues Attorney General James’ efforts to enforce New York laws in the cryptocurrency industry and protect New York investors. Last month, Attorney General Jamesbrought action against CoinEx for similarly failing to register as a securities and commodities broker. In June 2022, Attorney General Jameswarned New Yorkers of the dangerous risksof investing in cryptocurrencies after the market reached then-record lows. Also in June, Attorney General James reached a nearly$1 million settlement with crypto platform BlockFi Lending LLCfor offering unregistered securities.
As of March 2023, the LUNA 2.0 price remains well below the all-time high that the old Terra 1.0 token has seen. Ensure stronger protection of your account by setting Google 2FA code, anti-phishing code, and trading password. To check Luna Classic’s price live in the fiat currency of your choice, you can use Crypto.com’s converter feature in the top-right corner of this page.
Live Price
However, we could see the price of LUNA 2.0 improve as the adoption of Terra’s ecosystem by dApp developers and end users grow in the future. Higher adoption of the Terra ecosystem by dApps and users could drive up the Terra LUNA price and market cap. Depending on the region you are in, bank transfers are also a safe and convenient way to buy Terra. You can purchase LUNA once the funds arrive in your account. Sign up on KuCoin with your email address/mobile phone number and country of residence, and create a strong password to secure your account.
30% of the LUNA 2.0 tokens you are eligible to receive will be airdropped at Genesis on 27 May 2022. The rest of your airdrop will be unlocked based on a linear vesting schedule spanning two years with a six-month cliff. It is impossible to make an accurate Terra LUNA 2.0 price prediction over any duration.
Be sure to store your private keys in a secure location as losing them may result in the permanent loss of your Terra . Copy your wallet address from Terra Station over to the “Wallet Address” box in the photo above. If it is your first time withdrawing assets from KuCoin to your Terra Station wallet, I always recommend sending a ‘test amount’ before sending all your funds over. Unfortunately, you cannot buy UST directly from your credit card on KuCoin, but you can buy other stablecoins such as USDC or USDT. Then, you can transfer those coins to your trading account where you can exchange them for UST.
And why you should hold LUNA & UST in your wallet.
Apart from BTC and ETH trading pairs, Kucoin supports most of the popular stablecoins such as USDT, USDC, TUSD, PAX and DAI. The exchange has also issued its own token called KuCoin Shares . I would recommend that any money you invest in LUNA, you should plan to keep it invested for the long-term. If you might need it in the immediate future, it’s better just to hold onto your fiat. The fees and number of steps required for a newbie to crypto aren’t worth it yet.
Here are the steps you must take to move your fiat savings from the lousy traditional bank interest rates to stable high-yielding returns in crypto via Terra assets. KuCoin also failed to comply with a subpoena issued by OAG to provide more information about its digital asset trading activities in the state. KuCoin has already been found to be operating without proper licensure in multiple jurisdictions including the Seychelles, Canada, and the Netherlands. The new Terra network is an entirely different brand evolution from Terraform Labs, focusing on being a robust platform for dApps and their developers.
Enter your Terra Station wallet address as the destination address to which you wish to send your LUNA tokens. The Luna Classic price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. Deposit crypto to our exchange and trade with deep liquidity and low fees. Except, you’re going to have to take extra steps to send it to a Crypto.com, BlockFi, or Coinbase wallet which, unlike your KuCoin account, can be linked to an American bank account. Perhaps take this into consideration before using KuCoin in the first place.
How to Buy Other Crypto Assets
New York law requires securities and commodities brokers to register with the state, which KuCoin failed to do. The OAG was able to create an account with KuCoin using a computer with a New York based IP address and buy and sell digital tokens, for which KuCoin charged a fee. The OAG was also able to deposit digital tokens into the KuCoin Earn product, for which KuCoin also charged a fee. Buy stablecoins such as USDT on KuCoin using the Fast Trade service, P2P, or through third-party sellers. Alternatively, transfer your current crypto holdings from another wallet or trading platform to KuCoin.
It is quite common for the transaction to take up to half an hour to complete, so don’t expect the funds to be available on your KuCoin account instantly. To do so, you’ll have to send your assets to KuCoin from Terra Station, convert them to an asset like USDC, and then deposit them into the wallet linked to your bank account. You can find a list of exchanges where you can buy LUNA on CoinGecko or CoinMarketCap. For Americans, you must note that Binance is not a viable option .
This has always been the most annoying hurdle for American’s trying to buy Terra assets as almost any other person in the world can easily purchase from Binance. The reward for getting into digital currencies is forever enticing. It’s the know-how to get funds transferred from fiat banks to digital exchanges/wallets which has always been the barrier to entry. Until now, getting involved in decentralized finance has always been a little bit tricky.