Binance, the world’s largest cryptocurrency exchange by trading volume, has introduced a new feature that allows users to generate multiple deposit addresses for a single network. This feature, accompanied by a deposit address book function, enables users to manage their funds more efficiently and conveniently.
#Binance has launched a new feature enabling users to obtain multiple deposit addresses for a single network.
Find out how to claim a new address here 👇https://t.co/d8XZTybJTe
— Binance (@binance) July 17, 2023
Previously, Binance users were limited to having just one deposit address per network. This posed challenges in terms of keeping track of funds. However, with the new feature, users can now create multiple deposit addresses for each network. This means that users who engage in multiple cryptocurrency trades on Binance can assign a separate deposit address for each cryptocurrency they handle.
As a result, they can easily monitor the amount of each cryptocurrency they have deposited on the platform and minimize the risk of accidentally sending funds to the wrong address.
The ability to create multiple deposit addresses also offers an added layer of security for Binance users. By spreading their funds across various addresses, users can mitigate the risk of potential theft or hacking attempts.
According to Binance,
“Users may obtain up to 20 deposit addresses for each network. Binance will review this periodically, and decide if an increase or decrease on the number of deposit addresses is necessary.”
However, it should be noted that, at present, this feature is only available for tokens on the Ethereum network (ERC20) and Ethereum alternative networks like Arbitrum One and BNB Smart Chain. The company plans to extend support to more blockchains in the future.
Binance is Retiring Old Deposit Addresses
Binance’s introduction of multiple deposit addresses for each network came a couple of weeks after the global crypto exchange announced it was retiring some old deposit addresses for wallet upgrades. As reported by Crypto Economy, users who are affected by the transition will receive email notifications and must follow the provided instructions to obtain new deposit addresses.
Meanwhile, users will have 30 days to make the necessary transition. If no new transaction is made to the old deposit address or a new one is not obtained within this period, the old deposit address will become inactive. Subsequently, users will need to manually credit their deposits via the Deposit History page.