Binance Switches From Omni-based Addresses to ERC-20 Addresses for USDT Stablecoin (Tether)

July 4, 2019 8:10 AM UTC

 

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.

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