Binance, one of the largest cryptocurrency exchanges in the world, has recently announced that it will be retiring the current deposit addresses and memo on selected networks. The move comes as part of an ongoing effort to upgrade the exchange’s wallet infrastructure to ensure better wallet efficiency and security.
Users impacted by this change will need to obtain a new deposit address, as the old deposit addresses will soon cease to work. Binance has stated that separate announcements will be made to notify users of the impacted networks, and users will be able to obtain a new deposit address by logging into their Binance accounts on the Binance app or website.
Transaction to the new deposit address
The migration will be conducted over a period of time, and impacted users will be notified via email. Binance has stated that no immediate action is required, but users should be aware that Binance will not execute any address change for users. Deposits to the old deposit addresses will continue to be credited automatically until a new deposit address is obtained and a deposit transaction to the new deposit address is completed.
It is important to note that the old deposit address will cease to work once the new deposit address is obtained and a deposit transaction to the new deposit address is completed. Any further deposits to the old deposit address will not be automatically credited, and users will need to credit their deposits manually via the Deposit History page.
The old deposit address will cease
Binance has also stated that the old deposit address will cease to work after 30 days of the email notification if no new transaction is made to the old deposit address or a new deposit address is not obtained. Thereafter, users will need to manually credit their deposits made to the old deposit address via the Deposit History page.
It is important for users to be aware of these changes and take the necessary steps to obtain a new deposit address as soon as possible. Failure to do so could result in a delay in receiving deposits, which could impact trading activities.
In addition, Binance has reminded users that cryptocurrency trading is subject to high market risk and advised them to make trades cautiously. It is important to remember that Binance is not responsible for any trading losses incurred by its users.
Binance is taking proactive steps to enhance wallet security
The upgrade of the wallet infrastructure by Binance is a welcome development for users of the platform. The cryptocurrency market has experienced several high-profile hacks, and exchanges are always looking for ways to improve the security of their systems to prevent such occurrences.
With the retirement of current deposit addresses and memo on selected networks, Binance is taking proactive steps to enhance wallet security for its users. The process of obtaining a new deposit address is relatively straightforward, and users can log into their Binance accounts on the app or website to complete the process.
It is important to note that Binance will not execute any address change for users. This means that users have to take responsibility for obtaining a new deposit address, and failure to do so could result in delays in receiving deposits. Additionally, deposits made to old deposit addresses after the migration will not be automatically credited, and users will have to credit their deposits manually via the Deposit History page.
Conclusion
Binance’s decision to upgrade its wallet infrastructure is a step in the right direction for the platform. By retiring current deposit addresses and memo on selected networks, Binance is enhancing wallet efficiency and security for its users. It is important for users to obtain a new deposit address as soon as possible to ensure that they do not experience any delays in receiving deposits. Additionally, users should exercise caution when trading cryptocurrencies and conduct their research before making any trading decisions.
Source: https://www.cryptopolitan.com/binance-retirement-current-deposit-addresses/