In line with a recent official ‘announcement’ published, leading cryptocurrency exchange ‘Binance’ has proclaimed that it’s shifting from Omni-based addresses to ERC-20-based addresses in user wallets for the stablecoin USDT [Tether].
In order to form the switch, Binance added that there’s around 30-min. downtime planned for USDT withdrawals and deposits on 4th July, starting at 08:00 a.m. [UTC].
The announcement further states that Ethereum’s ERC-20 based addresses will be the standard from now on, and exchange users won’t be able to withdraw Omni-based USDT; but, Omni-based USDT can still be deposited by transferring tether to recently used Omni-based USDT addresses on Binance.
Poloniex exchange conjointly ‘announced‘ its support for ERC-20-based USDT deposits earlier on 3rd July. It will offer deposit and withdrawal options for Omni addresses, alongside Ethereum [ETH] and Tron [TRX].
As per Poloniex, employing Ethereum based addresses for withdrawals and deposits are comparatively quicker and cheaper than relying on the Omni network.
As ‘reported‘ earlier, the Huobi primarily added support for ERC-20 USDT addresses earlier in Feb. Huobi opted to retain support for the first bitcoin [BTC]-based Omni Layer Protocol addresses for USDT.
Huobi’s also announced that Ethereum-based Tether “has a far more smoother and quicker deposit/withdrawal process.”