Leading cryptocurrency exchange Binance in an official statement on July 3, announced that users will no longer be able to utilize Omni-based addresses for withdrawals, as there will be a switching from Omni-based addresses to ERC-20-based addresses in customer wallets for stablecoin Tether.
According to the announcement, the USDT withdrawals will experience a 30-minute downtime on July 4, beginning at 8:00 AM UTC. This, the exchange describes as the time taken to effect the switch.
It disclosed that ERC-20 based wallet addresses will be the standard for making withdrawals for USDT stablecoin, Tether. However, Binance also disclosed that Omni-based USDT can still be deposited by sending Tether to old Omni-based USDT addresses.
In a similar report, cryptocurrency exchange Poloniex has also announced support for ERC-20 based USDT deposits, with the option of Omni-addresses for deposits and withdrawals together with Ethereum and Tron.
Poloniex revealed that utilizing ERC-20 addresses is cost beneficial and fast as compared to Omni-addresses.
Earlier in February 2019, Huobi also added support for ERC-20 addresses for USDT, Tether withdrawals and deposits, which according to it “has a much smoother and faster deposit/withdrawal process.”
The CEO of Binance, Changpeng Zhao, earlier this week at the Asia Blockchain Conference, announced intentions to launch a Futures trading platform, with a simulation version of the platform to be revealed in few weeks.