Binance, one of the leading cryptocurrency exchanges, has revealed plans for an upgrade to its wallet infrastructure, which will involve a migration of deposit addresses. The announcement, made on July 6, highlights that Binance will retire specific deposit addresses in batches as part of a network address migration scheduled for the third quarter of 2023. This article explores the details of Binance’s upcoming wallet upgrade, the affected cryptocurrencies, and the impact on users.
In its official announcement, Binance disclosed that it will be upgrading its wallet infrastructure, necessitating the retirement of selected deposit addresses. This process will be carried out in batches, and the network address migration is planned for Q3 2023. The upgrade will impact a total of 40 cryptocurrencies, including popular ones such as Bitcoin (BTC), Bitcoin Cash (BCH), XRP, Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), and others.
Alongside the retirement of wallet addresses, Binance will also deactivate memos, also known as destination tags. Memos are additional address features used to identify transaction recipients beyond wallet addresses. Centralized exchanges like Binance typically use one wallet address for all traders, with memos distinguishing individual accounts.
Binance has stated that it will send notifications to affected users regarding the wallet address migration. It strongly advises all impacted account holders to obtain a new deposit address and memo, if applicable, upon receiving the notification. Users who have not received an official notification from Binance are advised to continue using their current deposit addresses.
The announcement clarifies that only users who receive notifications from Binance are required to obtain new deposit addresses and memos, if applicable, before the expiry date. Old deposit addresses will become invalid upon obtaining new addresses. However, funds deposited into expired addresses will not be lost. Instead, users will need to manually credit those deposits via the transaction history page, as they will not be automatically credited.
Binance’s wallet upgrades are part of its ongoing efforts to enhance efficiency and fund security for its users. The exchange has a track record of regularly upgrading its wallet infrastructure. A previous wallet upgrade in April 2023 involved the disabling of old deposit addresses for Ether (ETH), various Ethereum Virtual Machine-compatible coins, BNB, and other cryptocurrencies.
Binance’s announcement regarding its upcoming wallet infrastructure upgrade and address migration signals the exchange’s commitment to improving its services and ensuring fund security. Users of Binance are urged to stay informed and follow the instructions provided in the notifications to obtain new deposit addresses and memos, if applicable. The migration process aims to provide a more efficient and secure experience for Binance users and support the growing ecosystem of cryptocurrencies traded on the platform.
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