Binance, the world's largest cryptocurrency exchange by trading volume, is disabling several old deposit addresses as part of an infrastructure upgrade.
In an announcement on April 18, Binance said it would phase out selected deposit addresses and memos across multiple blockchains, including Ether, Tron, BNB and Stellar. The cryptocurrency exchange said the retirement of old addresses is routine and part of an effort to improve user security and efficiency.
Users of these affected deposit blockchain addresses will be notified via email, and the exchange strongly recommends that all affected users obtain a new address and memo upon notification. The notification email will include the expiration date of any outdated deposit addresses. When the user obtains a new address, the old deposit address will become invalid. To get a new deposit address, users have to log into their Binance account and follow the instructions mentioned in the email notification. The migration is scheduled to take place between April 2023 and June 2023.
The cryptocurrency exchange also guarantees that funds will not be lost if someone mistakenly sends assets to an expired address. However, payments to addresses that have expired are not immediately refunded. Users must manually make deposits to old addresses using the Transaction History page. Binance regularly upgrades and maintains its infrastructure from time to time. The exchange recently raised the alarm about 191 high-risk, untrustworthy decentralized applications and fake tokens on its native blockchain network BNB Chain.
The change in deposit addresses for multiple blockchains, including Ethereum, comes just a day before Binance opened ETH withdrawals for users. Millions of ETH have now been unlocked following the April 12 Shapella upgrade, and major exchanges and custodians have arranged for users to withdraw their ETH from the Beacon Chain after nearly three years of staking.
