Binance cryptocurrency exchange is preparing for another upgrade of its wallet infrastructure, warning users about the upcoming address migration.
On July 6, Binance officially announced that it would retire selected deposit addresses in batches as part of a network address migration scheduled for Q3 2023.
Binance’s latest wallet upgrade will affect a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT) and others.
In addition to wallet addresses, Binance will also deactivate memos. Also known as a destination tag, a wallet memo is an additional address feature necessary to identify a transaction recipient beyond a wallet address. Most centralized exchanges like Binance use one wallet address for all traders, so the memo determines the individual account.
According to the announcement, Binance will send notifications to impacted users. The firm strongly encouraged all impacted account holders to get a new address and memo upon receiving the notification.
Binance emphasized that users should continue using their current deposit addresses if they have not received an official notification from Binance, stating:
“Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo — if applicable — before the expiry date. […] Old deposit addresses will expire upon obtaining a new address.”
At the same time, funds deposited into an expired address will not be lost, the announcement notes. But unlike regular deposits, the deposits made into expired addresses would not be automatically credited, requiring users to manually credit them via the transaction history page.
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Binance’s wallet upgrades aren’t something new. Binance regularly upgrades its wallet infrastructure to provide “better efficiency and fund security for users.”
The exchange previously proceeded with such an upgrade in April 2023, disabling old deposit addresses for Ether (ETH), several Ethereum Virtual Machine-compatible coins, BNB (BNB) and others.
Binance didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.
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Sourced from cointelegraph.com.
Written by Helen Partz on 2023-07-10 08:50:27.
