Binance to deactivate some deposit addresses for wallet upgrade
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 will be retiring 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 be also deactivating 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. As most centralized exchanges like Binance use one wallet address for all traders, the tag or memo is used to determine 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 their current deposit addresses if they have not received an official notification from Binance, stating:
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.
Related: Poly Network urges users to withdraw after exploit affects 57 crypto assets
Binance’s wallet upgrades aren’t something new. Binance regularly upgrades its wallet infrastructure in order to
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