Binance merges USDT on TON, opens transactions
Binance has announced the successful integration of Tether's USDT token on the Open Network (TON).
According to the official Binance announcement, starting June 21, users can now deposit and withdraw Tether (USDT) on Tether.
“Binance has completed the integration of Tether (USDT) on the Toncoin network. Deposits and withdrawals are now open.
Related: Ton-based DEX aims to simplify chain swapping by eliminating bridging and bundling.
What you need to know
The integration allows Binance users more flexibility to move stablecoin liquidity to the Ton blockchain.
The move is expected to improve transaction speeds, reduce fees and provide a cost-effective way to handle USDT transactions.
Users are encouraged to view their assigned token addresses and smart contract addresses via the links provided in Binance's official announcement on Tons.
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Implications for future compliance
Binance's USDT integration on the ton comes ahead of an expected regulatory change in the European Economic Area (EEA).
The changes place certain restrictions on unlicensed stablecoins such as USDT on markets under the Crypto-Assets Regulation (MiCA).
In the announcement, Binance advised users to be aware of the changes to ensure compliance and avoid potential disruptions to crypto activities.
The cryptocurrency exchange Applied has informed users that it will delist USDT and five other stablecoins by July 1 due to EU MCA regulations.
The other five stablecoins include Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD).
Related: Binance exec's legal battle escalates amid US-Nigeria war
Telegram's commitment to the TON blockchain
In recent news, Telegram founder Pavel Durov announced plans to use the blockchain to simulate stickers and emojis on the popular social media platform.
During his speech at Token2049 in Dubai, Durov emphasized the importance of privacy and freedom, which are fundamental to blockchain technology.
Durov outlined ambitions to build Telegram functions on The Open Network blockchain, including USDT and ad revenue sharing options.
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