World’s Largest Crypto Exchange Binance to Revoke Selected Deposit Addresses and Memos in Batches by Network in Q3. It is part of upgrading the wallet infrastructure to ensure better efficiency and fund security for its users. Some of the main network addresses scheduled for migration from July to September include Bitcoin, Bitcoin Cash, XRP, Cardano, Solana, Litecoin, Dogecoin, Polkadot, and more.
Binance to Revoke Deposit Addresses as Part of Wallet Upgrade
According to an official announcement on July 6, Binance is in the process of upgrading its wallet infrastructure to provide “better efficiency and fund security” to its users. However, it causes selected deposit addresses and memos to be revoked in batches by networks.
Binance will notify affected users in batches via inmail notifications. Affected users are requested to receive a new address and memo upon receipt of the notification.
The crypto networks affected by wallet infrastructure upgrades are set for migration in Q3. It includes major networks such as Bitcoin, XRP, Bitcoin Cash, Cardano, Solana, Litecoin, Dogecoin, Polkadot, and Avalanche. Other networks include XMR, ALGO, FIL, NEAR, SEGWITBTC, WAVES, HBAR, RUNE, EGLD, FLOW, ICP, EOS, KAVA, DASH, ELF, IOST, IOTA, STX, WAX, CKB, ICX, ASTR, SCRT, INJ , BAND, STEEM, HIVE, XEM, FET and BTS.
Memos are required for XRP, HBAR, RUNE, KAVA, IOST, STX, WAX, SCRT, INJ, BAND, and other networks.
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In addition, it also reported that users who have not received an official notification from Binance can continue to use their current deposit address. Affected users can obtain new deposit addresses and memos via their Binance accounts on the Binance app or website.
“Only affected users who receive notifications from Binance will need to obtain a new deposit address and memo (if applicable) before the expiration date. The expiry date of old depot addresses is stated in the notification. Old depot addresses expire when a new address is obtained.”
In addition, funds deposited to expired deposit addresses remains safe. However, deposits made to expired deposit addresses are not automatically credited and users can credit the deposits manually through the ‘transaction history’ page on the platform.
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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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