Txbit Exchange

Dec 15, 2021

2 min read

Txbit moves USDT deposits and withdrawals to the Binance Smart Chain

Dear reader, As the GAS prices on the Ethereum network have exploded in the last months, we got many requests to move away from USDT on Ethereum to a more affordable alternative. Well, we have great news! We will change the network for USDT from ERC20 (ETH) to BEP20 (BSC).

What does this change mean for my USDT balance on Txbit? And why are you moving USDT deposits and withdrawals to the Binance Smart Chain?

Why are we moving USDT deposits and withdrawals to the Binance Smart Chain?
Moving to the Binance Smart Chain for USDT enables us to decrease the withdrawal fee by almost 95%! The current withdrawal fees for USDT are based on the GAS prices, which are extremely expensive. The lower withdrawal fees will make trading in the USDT markets more accessible and much more affordable for everyone!

What does that mean for my USDT balance on Txbit?
We will automatically convert your USDT balance to USDT on the Binance Smart Chain. For a safe and smooth transition to BEP20, we will temporarily suspend withdrawals for USDT on the 22nd of December 2021. Later that day, we will convert all USDT balances from ERC20 to BEP20.

If you want to retain your USDT as ERC20, please withdraw your USDT before the 22nd of December!

After the 22nd of December, we will only support the Binance Smart Chain for USDT deposits and withdrawals! It will no longer be possible to deposit or withdraw ERC20 based USDT after the transition on the 22nd of December.

Planning
Suspend USDT deposits and withdrawals — 22nd of December, 2022
Convert USDT balances — 22nd of December, 2022
Resume USDT deposits and withdrawals — 22nd of December, 2022

Terminology
Binance Smart Chain is abbreviated as BSC;
Ethereum is abbreviated as ETH;
BEP20 is the standard for tokens on the Binance Smart Chain;
ERC20 is the standard for tokens on Ethereum;
USDT is a stablecoin backed by the United States Dollar issued by Tether.

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