Binance to deactivate some deposit addresses for wallet upgrade

Latest Crypto Upgrade on Binance

Binance, a cryptocurrency exchange, is getting ready for another wallet infrastructure upgrade and has warned users about the upcoming address migration.

On July 6, Binance declared that it would deactivate chosen deposit addresses in batches as part of a network address migration, which is expected to take place in Q3 2023.

This wallet upgrade will impact a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT) and others.

In addition to wallet addresses, Binance will also deactivate memos. A wallet memo, also known as a destination tag, is a supplementary address feature required to identify a transaction recipient beyond a wallet address. Most centralized exchanges such as Binance utilize one wallet address for all traders, so the memo defines the individual account.

Crypto Upgrades from Binance

Binance is sending notifications to impacted users and strongly encourages them to get a new address and memo upon receiving the notification. The firm emphasizes that users should continue using their current deposit addresses if they have not received an official notification from Binance.

The announcement also states that funds deposited into an expired address will not be lost, although they would not be automatically credited, requiring users to manually credit them via the transaction history page.

Binance regularly upgrades its wallet infrastructure, such as the latest crypto, solana crypto, crypto cardano, crypto latest, ada crypto, latest ai, cardano crypto, media network crypto, voyager crypto latest and polkadot crypto, to provide better efficiency and fund security for users.

The exchange had already made such an upgrade in April 2023, disabling outdated deposit addresses for Ether (ETH), multiple Ethereum Virtual Machine-compatible coins, BNB (BNB) and other latest crypto.

Voyager crypto latest didn’t respond right away to Cointelegraph’s request for comment. This article will be updated with new information as it becomes available.

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