Binance, a major cryptocurrency exchange, has announced an upcoming upgrade to its wallet infrastructure and alerted users about an impending address migration. The network address migration is scheduled to take place in the third quarter of 2023, and it will involve decommissioning selected deposit addresses in batches. Around 40 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ripple, Solana, Monero, Litecoin, Dogecoin (DOGE), Cardano, and polka dot, will be affected by the upgrade.
As part of the wallet upgrade, Binance will also deactivate memos or destination tags associated with wallet addresses. Memos are used to identify the recipient of a transaction when centralized exchanges like Binance use a single wallet address for all traders. The exchange e will send notifications to users who will be affected by the address migration and strongly advises them to obtain new addresses and memos as instructed.
Binance emphasizes that users who do not receive an official notification should continue using their current deposit addresses. Only those users who have been notified will need to obtain new addresses and memos before the expiration date of the old addresses. enough funds deposited to expired addresses will not be lost, they will not be credited automatically. Users will need to manually credit these deposits through the transaction history page.
Binance regularly upgrades its wallet infrastructure to enhance efficiency and ensure the security of user funds. In April 2023, the exchange conducted a similar wallet upgrade that disabled old deposit addresses for Ether, several EVM-compatible coins, and BN B. Binance has not provided immediate comment on the matter, and any further updates will be reflected in this article when available.
