Binance Temporarily Deactivates Select Deposit Addresses for Wallet Upgrade

Binance, one of the leading cryptocurrency exchanges, has revealed plans for an upcoming wallet infrastructure upgrade that will involve the deactivation of certain deposit addresses. In an official announcement on July 6, Binance informed users about the scheduled network address migration set to take place in the third quarter of 2023.

The wallet upgrade will impact a total of 40 cryptocurrencies, including popular ones like Bitcoin, Bitcoin Cash, XRP, Solana, Monero, Litecoin, Dogecoin, Cardano, Polkadot, and others. Alongside wallet addresses, Binance will also deactivate memos, which serve as additional identifiers for transaction recipients. Memos, sometimes called destination tags, are essential for distinguishing individual accounts when centralized exchanges employ a single wallet address for all traders.

Binance will notify affected users directly, urging them to obtain new addresses and memos upon receiving the notification. The exchange emphasized that users who have not received an official notification should continue using their current deposit addresses. The announcement specified that old deposit addresses would expire upon acquiring a new address, but funds deposited into expired addresses would not be lost. However, users would need to manually credit those deposits via the transaction history page.

Wallet upgrades are not new to Binance, as the exchange regularly enhances its wallet infrastructure to ensure improved efficiency and fund security for its users. In April 2023, Binance undertook a similar upgrade, deactivating old deposit addresses for Ether, various Ethereum Virtual Machine-compatible coins, BNB, and other assets.

At the time of writing, Binance has not responded to requests for comment. This article will be updated with any further information provided.

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