Binance to deactivate some deposit addresses for wallet upgrade
Binance to deactivate some deposit addresses for wallet upgrade

Binance cryptocurrency exchange is preparing for another upgrade to its wallet infrastructure and has warned users of an impending address migration.

On July 6, Binance officially launched Announce As part of the network address migration planned for Q3 2023, it will deactivate selected deposit addresses in batches.

Binance’s latest wallet upgrade will affect a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (the dog), Cardano (ADA), Polkadot (DOT), etc.

Binance will also deactivate memos in addition to wallet addresses. Wallet memos, also known as destination tags, are an additional address feature necessary to identify the recipient of a transaction beyond the wallet address. Since most centralized exchanges like Binance use one wallet address for all traders, tags or memos are used to identify individual accounts.

According to the announcement, Binance will send notifications to affected users. The company strongly encourages all affected account holders to obtain new addresses and memos when notified.

Binance emphasized that if users do not receive an official notification from Binance, they should continue to use the current deposit address, noting:

“Only affected users who have been notified by Binance will need to obtain a new deposit address and memo (if applicable) before the expiration date. (…) The old deposit address will expire after obtaining the new address.”

At the same time, the announcement pointed out that the funds deposited to the expired address will not be lost. However, unlike regular deposits, deposits deposited to expired addresses will not be credited automatically, and users need to manually credit them through the transaction history page.

related: Poly Network Urges Users to Quit After Vulnerability Affects 57 Crypto Assets

Binance wallet upgrades are nothing new. Binance regularly upgrades its wallet infrastructure to “provide users with better efficiency and security of funds.”

The exchange previously performed such an upgrade in April 2023, disabling legacy deposit addresses for Ethereum (ETH), some EVM-compatible tokens, Binance Coin (BNB), and other networks.

Binance did not immediately respond to Cointelegraph’s request for comment. This article will be updated with new information.

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