Binance to Retire Some Deposit Addresses for Wallet Upgrade

Binance to Retire Some Deposit Addresses for Wallet Upgrade

The largest cryptocurrency exchange in the world, Binance, has just issued an update noting that it would deactivate selected deposit addresses in batches in preparation for another upgrade of its wallet infrastructure.

New Announcement Alert From Binance

As per a July 6 official blog post, Binance revealed in preparation for an upcoming address migration scheduled for Q3 2023, the exchange would retire selected deposit addresses and memos in batches by networks. A memo, which is also known as a destination tag, or message is used to identify a transaction in order to credit an account.

For exchanges that have hundreds of thousands of customers, it is not optimal to have individual wallet addresses for each customer. Customers send to a single address and add a memo, destination tag, or message to indicate which deposit belongs to which user.

New Announcement Alert from Binance

According to the blogpost, the latest wallet upgrade will affect a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Polkadot (DOT) and Solana (SOL) among others. The exchange highlighted that it will send notifications to the impacted users, thus, encouraging all affected account holders to get a new address and memo upon receiving the notification.

The crypto exchange also urged that users should continue using their current deposit addresses if they have not received an official notification from Binance. In addition, as per the cryptocurrency exchange, funds deposited into the expired addresses will remain safe and won’t be lost, adding,

Users can manually credit the deposits via the transaction history page. Do note that deposits made into expired deposit addresses would not be automatically credited.”

Binance Continues to Launch New Services

This comes hot on the heels after Binance revealed several new offerings over the past few months. In June the crypto giant launched a new subscription-based could mining product dedicated to Bitcoin (BTC) mining, for users outside the United States. The new service would enable users interested in BTC mining, but lack the equipment, to subscribe to the exchange cloud mining services and purchase hash rates for the same.

Binance has also been forging its presence in the crypto eco-subsystem including digital artworks and Web3. On June 6, the crypto exchange announced support for Bitcoin NFTs in its dedicated NFT marketplace. Earlier this year, Binance Marketplace, Binance’s digital collectibles trading platform, unveiled a new NFT loan service where users can borrow Ethereum (ETH) by using their NFTs as collateral.

Furthermore, Binance also teamed up with Cristiano Ronaldo, regarded as one of the greatest footballers of all time, delving further  into the realm of NFTs. It seems despite its tussle with the United States Securities and Exchange Commission (SEC), the leading crypto exchange remains unfazed, hinting that crypto, NFTs and Web3 are here to stay.