Binance To Retire the Deposit Addresses and Memos of Popular Cryptos – Investors Turn to New Market Entrants
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
Binance has been in the news a lot this year due to many legal probes globally.
While the company has lost some market share, it still leads the way in trading volume and continues to improve its product.
Most recently, Binance announced the retirement of several deposit addresses and memos. Still, the exchange's utility token, BNB, remains in limbo.
Yet, investors have shown unwavering confidence in another utility token gearing for Stage 2 of its fast-selling presale.
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The world's largest crypto exchange has been the subject of many thefts, hacks, and scandals in 2023.
However, Binance received arguably its biggest blow when the SEC (Securities and Exchange Commission) sued them in June.
Despite this, the exchange is preparing to overhaul its wallet infrastructure to improve efficiency and security.
Here, Binance will discontinue the deposit addresses and memos (or destination tags) of 40 coins by the end of September 2023.
The affected coins include Bitcoin (BTC), Cardano (ADA), Solana (SOL), and Polkadot (DOT), among others.
In other news, the exchange listed the much-anticipated PENDLE, a new, trending token in DeFi, to attract users.
Yet, the price action of BNB is reflective of the uncertainty around Binance. While many altcoins produced gains above 50% from mid-June, BNB is around the same value.
BNB increased 17% from $220 to $257 but is now worth $235, almost at the previous low.
Meanwhile, VC Spectra (SPCT) is at the cusp of a more significant surge thanks to its value proposition.
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VC Spectra (SPCT) is the latest entrant in decentralized hedge funds, offering investors
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