Crypto exchange Binance will be deactivating some deposit addresses over the coming months as part of a security upgrade.
Binance, the world’s largest crypto exchange, has announced that it will be retiring selected wallet addresses and memos as it upgrades its wallet infrastructure. The July 6 announcement outlined that impacted users will be notified in batches over the coming months.
Users are “strongly encouraged” to obtain a new deposit address if they receive the notification.
The migration is scheduled to take place throughout Q3 (July – September 2023) in several batches. Impacted networks include Bitcoin (BTC), Solana (SOL), Ripple (XRP), Litecoin (LTC), Cardano (ADA), Doge (DOGE), Avalanche (AVAX), Algorand (ALGO) and more.
The exchange outlined that users only need to take action if they’ve received an official notification. “Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo (if applicable) before the expiry date,” the announcement stated.
It added, “The expiry date of old deposit addresses will be stated in the notification. Old deposit addresses will expire upon obtaining a new address.”
Funds incorrectly deposited into expired addresses will remain safe and will not be lost, but they will not be automatically credited. Instead, users will need to manually credit deposits via the transaction history page.
The upgrade intends to bring “better efficiency and fund security” to Binance users.
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