The world’s largest crypto exchange Binance to retire selected deposit addresses and memos in batches by networks in Q3. It is part of upgrading its wallet infrastructure to ensure better efficiency and fund security for its users. Some of the top network addresses planned for migration from July to September are Bitcoin, Bitcoin Cash, XRP, Cardano, Solana, Litecoin, Dogecoin, Polkadot, and more.

Binance to Retire Deposit Addresses As Part of Wallet Upgrade

According to an official announcement on July 6, Binance is upgrading its wallet infrastructure in order to provide its users with “better efficiency and fund security.” However, it will cause selected deposit addresses and memos to retire in batches by networks.

Binance will notify its impacted users in batches through inmail notifications. The impacted users are requested to obtain a new address and memo upon receiving the notification.

The crypto networks impacted by wallet infrastructure upgrades are set for migration in Q3. It includes major networks such as Bitcoin, XRP, Bitcoin Cash, Cardano, Solana, Litecoin, Dogecoin, Polkadot, and Avalanche. Other networks are XMR, ALGO, FIL, NEAR, SEGWITBTC, WAVES, HBAR, RUNE, EGLD, FLOW, ICP, EOS, KAVA, DASH, ELF, IOST, IOTA, STX, WAX, CKB, ICX, ASTR, SCRT, INJ, BAND, STEEM, HIVE, XEM, FET, and BTS.

Memos are required for XRP, HBAR, RUNE, KAVA, IOST, STX, WAX, SCRT, INJ, BAND, and other networks.

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In addition, it also notified that users who have not received an official notification from Binance can continue to use their current deposit address. Impacted users can obtain new deposit addresses and memo through their Binance accounts on the Binance app or website.

“Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo (if applicable) before the expiry date. The expiry date of old deposit addresses will be stated in the notification. Old deposit addresses will expire upon obtaining a new address.”

Moreover, funds deposited into expired deposit addresses will continue to remain safe. However, deposits made into expired deposit addresses will not get credited automatically and users can manually credit the deposits via the ‘transaction history’ page on the platform.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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