Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will disable multiple old deposit addresses as part of its ongoing infrastructure upgrade. The retirement of selected deposit addresses and memos will take place in batches across multiple blockchains, including Ether (ETH), Tron (TRX), BNB (BNB), and Stellar (XLM).
According to Binance, the retirement of old addresses is a routine and essential part of enhancing security and efficiency for its users. The users of impacted deposit blockchain addresses will receive notification via email, urging them to obtain a new address and memo upon receiving the notification. The email will also include the expiration date for any outdated deposit addresses, and old deposit addresses will become invalid once users obtain a new one.
To obtain a new deposit address, impacted users must log in to their Binance account and follow the instructions mentioned in their email notification. The migration is scheduled for between April and June 2023, and Binance assures that the funds won’t be lost if someone mistakenly sends assets to expired addresses. However, payments made to addresses that have already expired will not be immediately reimbursed, and users must manually credit the deposits from the old address using the “transaction history” page.
Binance regularly upgrades and maintains its infrastructure to ensure the security and efficiency of its services. The exchange recently raised concerns against 191 high-risk and untrustworthy decentralized applications and fake tokens on its native blockchain network called BNB Chain.
The change in deposit addresses of multiple blockchains, including Ethereum, comes just a day before Binance is set to open ETH withdrawal for its users. Millions of Ether are now unlocked after the Shapella upgrades on April 12, with major exchanges and custodians having already made arrangements for users to unstake their ETH from the Beacon Chain nearly three years after staking it.
In conclusion, Binance’s move to disable multiple old deposit addresses is part of its continuous effort to enhance the security and efficiency of its services. Impacted users are encouraged to obtain new addresses and memos as soon as possible to avoid complications in their transactions. Binance assures users that their funds won’t be lost, and the migration process is scheduled to take place gradually between April and June 2023.
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