Cryptocurrency exchange Binance is preparing for another upgrade of its wallet infrastructure and is warning users about the upcoming address migration.
On July 6, Binance officially announced that it would batch withdraw select deposit addresses as part of a network address migration planned for Q3 2023.
Binance’s latest wallet upgrade affects a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE) and Cardano (ADA), Polkadot (DOT) and others.
In addition to wallet addresses, Binance will also disable memos. A wallet memo, also known as a destination tag, is an additional address attribute required to identify a transaction recipient beyond the wallet address. Most centralized exchanges like Binance use one wallet address for all traders, so the memo determines the individual account.
According to the announcement, Binance will send notifications to affected users. The company urged all affected account holders to obtain a new address and memo upon receipt of the notification.
Emphasizing that users should continue to use their current deposit addresses if they have not received official notification from Binance, Binance stated:
“Only impacted users who receive notifications from Binance are required to obtain a new deposit address and – if applicable – a new deposit address prior to the expiration date. […] Old deposit addresses will expire upon receipt of a new address.”
At the same time, the announcement states that funds deposited to an expired address will not be lost. But unlike regular deposits, deposits made to expired addresses are not credited automatically, so users have to credit them manually through the transaction history page.
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Binance’s wallet upgrades are nothing new. Binance regularly upgrades its wallet infrastructure to provide “greater efficiency and money security for users.”
The exchange performed such an upgrade back in April 2023, disabling old deposit addresses for Ether (ETH), several coins compatible with Ethereum Virtual Machine, BNB (BNB) and others.
Binance did not immediately respond to Cointelegraph’s request for comment. This article will be updated as new information becomes available.
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