Binance cryptocurrency exchange has announced that it will be upgrading its wallet infrastructure and is warning users about an upcoming address migration. This upgrade is part of Binance’s ongoing efforts to provide better efficiency and fund security for its users.
The address migration is scheduled for Q3 2023 and will see selected deposit addresses being retired in batches. Binance has stated that a total of 40 cryptocurrencies will be affected by this upgrade, including popular ones like Bitcoin (BTC), Bitcoin Cash (BCH), XRP (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), and others.
In addition to the retirement of deposit addresses, Binance will also be deactivating memos. Memos, also known as destination tags, are an additional address feature that helps identify transaction recipients beyond just the wallet address. This is especially important for centralized exchanges like Binance, which use one wallet address for all traders, with the memo determining the individual account.
Binance has assured users that it will send notifications to those who will be impacted by the address migration. The exchange strongly advises all impacted account holders to obtain a new address and memo once they receive the notification.
It is important to note that users should continue using their current deposit addresses if they have not received an official notification from Binance. Only those who receive notifications are required to obtain new addresses and memos before the expiry date. The old deposit addresses will expire once a new address is obtained.
Binance has also clarified that funds deposited into expired addresses will not be lost. However, unlike regular deposits, deposits made into expired addresses will not be automatically credited. Users will need to manually credit these deposits by using the transaction history page.
This is not the first time Binance has carried out a wallet upgrade. The exchange regularly upgrades its wallet infrastructure to ensure better efficiency and fund security. In April 2023, Binance disabled old deposit addresses for Ethereum (ETH), several Ethereum Virtual Machine-compatible coins, BNB (Binance Coin), and others.
Cointelegraph reached out to Binance for further comments on this wallet upgrade, but the exchange has not responded at the time of writing.
In conclusion, Binance cryptocurrency exchange has announced an upcoming address migration as part of its wallet infrastructure upgrade. The upgrade will impact 40 cryptocurrencies and will involve the retirement of selected deposit addresses. Binance has advised affected users to obtain new addresses and memos and has assured that funds deposited into expired addresses will not be lost. This wallet upgrade is part of Binance’s ongoing efforts to provide better efficiency and fund security for its users.
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