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Binance Abandons First-Ever Tether Platform, OMNI Network


u.today 27 April 2021 09:39, UTC
Reading time: ~1 m

World-leading cryptocurrency exchange Binance (BNB) announces that it will cease deposits and withdrawals from the OMNI platform. What does this mean?

Binance (BNB) ceases supporting OMNI transfers

According to the official announcement by the Binance team, both deposits and withdrawals to and from Binance's accounts via the OMNI blockchain network will cease.

Binance (BNB) ceases Tether withdrawals

Binance (BNB) will stop OMNI withdrawals and deposits starting from April 30, 2021, 12:00 a.m. UTC.

At the moment, the option to withdraw tokens through OMNI platform is available for all holders of U.S. Dollar Tether (USDT) stablecoin.

Also, Tethers (USDT) can be withdrawn through Ethereum (ETH), Tron (TRX) and in the form of Binance Chain's native BEP2 tokens.

What is OMNI?

OMNI (Omni Layer) is a platform for creating digital assets on the top of Bitcoin (BTC) blockchain. It was the first-ever platform on which Tether (USDT) stablecoin launched.

Meanwhile, since 2019, the quantity of Tethers (USDT) minted on Ethereum (ETH) surpassed that of OMNI. Then, in 2021, Tron (TRX) became the most popular USDT technical platform.

Also, USDT tokens are minted on Solana (SOL), Eos (EOS) and Algorand (ALGO) blockchains as well as on Bitcoin Cash's Simple Ledger Protocol (SLP).

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