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Binance stops deposit of NEP5 ONT tokens after Ontology 2.0 network upgrade

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4 years ago

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Binance stops deposit of NEP5 ONT tokens

Binance the largest cryptocurrency exchange by trading volume announces on July 5th that it will stop deposit of NEP5-based ONT tokens. It also announces that it will support the upcoming Ontology 2.0 network upgrade.

According to the official blog post Binance will stop deposits and withdrawals of ONT starting 2020/07/06 9:00 AM (UTC). However during the network upgrade trading will not be affected.

Binance also says that the network upgrade will not result in new token creation. Also, the ONG stacking reward for ONT will not be affected.

After the successful network upgrade it will stop the Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits as Binance says in the post. Any future deposits of NEP5 ONT token after successful network upgrade will not be credited to the users account.

Deposits and Withdrawals for ONT will reopen after upgraded network stabilization, Binance will notify the users about this in the future announcements.

At the time of writing this article ONT/USDT is valued at $0.5972 USD on Binance. The price is up +3.05% in the last 24 hours. The 24h high for ONT is $0.6009 USD and the 24h trading volume is 10,481,728.00 USD as per Binance.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.