Binance – the global, largest crypto exchange firm by volume – has publicly announced that it is abandoning the current Omni technology, and will be utilizing ERC-20 addresses, regarding the stablecoin tether (USDT) wallets of its clients.
Reported in an official announcement on July 3rd, Binance revealed that in an attempt to prepare for the switch, it will be allowing a 30-minute withdrawing and depositing window, starting at 8:00 on July 4th morning.
Moreover, the announcement notified that Ethereum’s ERC-20 will be used as a standard address of the firm since this point forward, and withdrawals from Omni-based USDT address will no longer be available. However, clients can still make deposits for Omni-based USDT, by transferring tether to old Binance Omni-based USDT addresses.
Poloniex – a US-based crypto exchange platform – also decided to facilitate ERC-20-based USDT deposits, starting July 3rd. Poloniex will also provide support for Omni addresses transactions, along with Ethereum and Tron.
According to Poloniex, Ethereum-based address offers enhanced transaction speed and reduced cost, compared to depending on Omni network.
Huobi – a cryptocurrency exchange headquartered in Singapore – has previously offered support for ERC-20 USDT addresses starting Feb 2019. Huobi will still be facilitating original bitcoin (BTC)-based Omni Layer Protocol addresses for USDT.
Stated in a press release, Huobi agreed that Ethereum-based Tether “has a much smoother and faster deposit/withdrawal process.”