In the third quarter, Binance will retire specific deposit addresses and memos in segments by the network as part of wallet upgrade.
In Q3, the largest cryptocurrency exchange in the world, Binance, will retire selected deposit addresses and memos in installments by the network. It is part of the company’s effort to upgrade its wallet infrastructure to improve the efficacy and security of user funds.
Bitcoin, Bitcoin Cash, XRP, Cardano, Solana, Litecoin, Dogecoin, Polkadot, and more are among the top network addresses slated for migration between July and September.
Binance Will Discontinue Deposit Addresses During Wallet Upgrade
According to a July 6 announcement, Binance is upgrading its wallet infrastructure to provide its users with “better efficiency and fund security.” However, networks will retire specific deposit addresses and memos in installments.
Binance will notify its affected users in segments via in-app messages. The affected users are instructed to acquire a new address and memo upon obtaining the notification. The migration of crypto networks affected by wallet infrastructure enhancements is scheduled for the third quarter.
It comprises significant networks such as Bitcoin, XRP, Bitcoin Cash, Cardano, Solana, Litecoin, Dogecoin, Polkadot, and Avalanche. XMR, ALGO, FIL, NEAR, SEGWITBTC, WAVES, HBAR, RUNE, EGLD, FLOW, ICP, EOS, KAVA, DASH, ELF, IOST, IOTA, STX, WAX, CKB, ICX, ASTR, SCRT, INJ, BAND, STEEM, HIVE, XEM, FET, and BTS are other networks.
Memos are required for the networks XRP, HBAR, RUNE, KAVA, IOST, STX, WAX, SCRT, INJ, and BAND. Users who have not received an official notification from Binance may continue using their current deposit address. Affected users can obtain new deposit addresses and memos via the Binance app or website.
“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 expiry date of old deposit addresses will be stated in the notification. Old deposit addresses will expire upon obtaining a new address.”
Additionally, funds deposited to expired deposit addresses will remain secure. Deposits made to expired deposit addresses will not be automatically credited, but users can manually credit the deposits via the platform’s ‘transaction history’ page.
