Binance, one of the world’s largest cryptocurrency exchanges, is preparing for an upgrade of its wallet infrastructure. The exchange recently announced that it will retire certain deposit addresses and memos in batches as part of a planned network address migration scheduled for the third quarter of 2023. This migration aims to enhance Binance’s network infrastructure by transitioning to new addresses.
The upcoming wallet upgrade will impact a total of 40 cryptocurrencies, including popular ones like Bitcoin, Bitcoin Cash, Cardano, Polkadot, Dogecoin, Solana, Monero, and Litecoin. Binance aims to improve efficiency and enhance fund security with these upgrades, optimizing the performance of its wallet system for smoother and more secure transactions.
In addition to deposit addresses, Binance will also deactivate memos, which are used to identify the recipient of a transaction beyond the wallet address. The exchange plans to notify users who will be affected by these changes and strongly encourages them to obtain new wallet addresses and memos once they receive the notification.
While funds deposited into expired addresses will not be lost, users should be cautious not to mistakenly deposit funds into addresses that are no longer active. In such cases, users will need to manually initiate the crediting process through the transaction history page on Binance’s platform.
It is important for users to follow the instructions provided by Binance and obtain new addresses and memos if they receive a notification regarding the retirement of their existing deposit addresses.