Binance announces an upcoming wallet infrastructure upgrade involving the retirement of selected deposit addresses and memos. The upgrade aims to enhance efficiency and fund security. As a result, Binance users will need to create new wallet addresses in the coming months.
The transition process will occur in stages, encompassing different cryptocurrency networks such as Bitcoin, Ripple, Solana, Litecoin, Polkadot, Avalanche, Cardano, and more. Users transacting in these cryptocurrencies will receive individual email notifications and will be required to generate new addresses and memos, if applicable.
The migration is scheduled for the third quarter of 2023, although users are advised to continue using their current deposit addresses until they receive an official notification from Binance to switch to new addresses and memos.
Binance assures users that funds deposited at expired addresses will not be lost. Instead, users can manually credit these deposits through the “transaction history” page on Binance. The new system will no longer automatically credit deposits made to expired addresses. To acquire new deposit addresses and memos, users can access their accounts through the official Binance app or website.
Binance.US market share drops
Binance.US, the United States wing of CZ’s exchange, has reportedly experienced a significant drop in its market share, exceeding 20%, due to an ongoing lawsuit initiated by federal financial regulators.
As per a report by Reuters on July 5, citing data from Kaiko, Binance.US witnessed its market share in the U.S. decline from over 22% in April to approximately 0.9% as of June 26.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in June against Binance.US, along with Binance and its CEO Changpeng “CZ” Zhao, alleging their operation as an unregistered securities exchange. Preceding this, the Commodity Futures Trading Commission had previously lodged a comparable lawsuit against Binance and CZ in the month of March.
Source: https://coinpedia.org/news/upcoming-wallet-upgrade-binance-to-retire-certain-deposit-addresses/