According to a recent announcement, Binance plans to cease support for MANTRA (OM) transactions on Ethereum and BNB Smart Chain by 2025.
Halt of MANTRA (OM) Support
Binance announced it will stop supporting deposits and withdrawals of MANTRA (OM) on Ethereum (ERC20) and BNB Smart Chain (BEP20) starting September 2025. The announcement emphasizes potential risks to investors.
> "Transacting on these networks after the cutoff may result in unrecoverable loss of funds."
No detailed explanation has been provided for Binance's decision. This move impacts only MANTRA (OM) transactions via ERC20 and BEP20 networks, with users warned against potential unrecoverable losses if tokens remain in these networks.
Impact on OM Token Price
Following the announcement, the OM token experienced a 1.6% drop in price, underscoring investor concerns. The market shows a drop in trading volume, with increased sell pressure anticipated before the September cutoff.
The decision only affects OM token holders using specific networks, not Ethereum core or BNB. The market may experience volatility due to reduced liquidity and possible asset migration away from affected networks.
Historical Outcomes and Future
Historically, similar actions by Binance have led to short-term decreases in asset value. In April 2025, the value of OM collapsed significantly due to market volatility, not withdrawal halts.
Potential outcomes include financial instability for OM token holders on affected networks. The lack of regulatory insights or support from MANTRA’s leadership raises concerns. The community's response remains focused on asset preservation.
Binance's decision to halt support for MANTRA (OM) raises doubts regarding the platform's reliability and the safety of user funds, which may impact the market.
