Binance Crypto Exchange Switches to Ethereum-Based Tether (USDT)

© Reuters. Binance Crypto Exchange Switches to Ethereum-Based Tether (USDT)

Binance may trigger an evolution in one of the most influential stablecoins, Tether (USDT). On Wednesday, Binance announced it would switch to ERC-20 addresses for USDT, closing all Omni withdrawals.

The lockdown of Omni-based USDT will start on July 4 as of 8 AM UTC. At that time, switching wallets will disable all USDT withdrawals and deposits for 30 minutes. From that date onward, traders will be able to deposit Omni-based USDT, but not withdraw the coins.

The decision confused traders, as Binance was one of the hubs…

This article appeared first on Cryptovest

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