Binance Upgrades Wallet Infrastructure For Enhanced Security
In its ongoing efforts to provide enhanced efficiency and heightened fund security for its users, Binance, one of the world’s leading cryptocurrency exchanges, has announced a significant upgrade to its wallet infrastructure. As part of this upgrade, Binance will be retiring selected deposit addresses and memos in batches, categorized by networks.
#Binance will be retiring selected deposit addresses and memos in Q3.
This will be done in accordance with upgrading efforts to provide better efficiency and fund security for our users.
Read more here 👇https://t.co/o3kwWfPSUu
— Binance (@binance) July 6, 2023
Migrating Network Addresses in Q3
To ensure a smooth transition, Binance will be sending out in-mail notifications in batches to the impacted users. Users who receive these notifications are strongly encouraged to obtain a new deposit address and memo, if applicable, upon receiving the communication.
The scheduled migration of network addresses is set to take place in the third quarter of 2023, encompassing the months of July to September. BTC (Bitcoin), BCH (Bitcoin Cash), SEGWITBTC, XRP (Ripple), SOL (Solana), XMR (Monero), LTC (Litecoin), ADA (Cardano), DOGE (Dogecoin) are among the networks to be affected by the migration.
Binance guides on Manual Deposits
It is important to note that users who have not received an official notification from Binance should continue using their current deposit addresses. Only those users who receive notifications are required to obtain new deposit addresses and memos before the expiry date. The expiry date of the old deposit addresses will be clearly stated in the notification, and once a new address is obtained, the old addresses will expire.
Binance assures its users that funds deposited into expired addresses are safe and will not be lost. Users can manually credit their deposits through the “Transaction History” page. However, it should be noted that deposits made into expired addresses will not be automatically credited. To obtain a new deposit address and memo, if applicable, impacted users can log into their Binance accounts on the Binance app or website. For more detailed information, users are advised to consult the Frequently Asked Questions (FAQ) section.
