The move is a part of Binance’s ongoing efforts to upgrade and maintain its infrastructure.
The world’s leading cryptocurrency exchange by trading volume, Binance, has announced its plan to disable a number of old deposit addresses.
This move is part of an infrastructure upgrade aimed at improving security and efficiency for users. This matter is set to affect multiple blockchains such as Ether (ETH), Tron (TRX), BNB (BNB), and Stellar (XLM).
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According to Binance’s April 18th announcement, the retirement of old addresses will be carried out in batches. It is worth noting that the retirement of old deposit addresses is a routine part of Binance’s ongoing efforts to upgrade and maintain its infrastructure.
Users impacted by these changes will receive an email notification informing them about the expiration date of their outdated deposit addresses. Binance strongly recommends that all affected users acquire a new address and memo upon receiving the notification.
To get a new deposit address, users should log into their Binance accounts and follow the instructions provided in the email notification. The address migration process is expected to take place between April and June 2023.
Binance reassures users that funds sent to expired addresses by mistake will not be lost. However, deposits made to already expired addresses will not be immediately returned. Instead, users must manually credit the deposits from the old address via the “transaction history” page.
The exchange recently warned users about 191 high-risk, untrustworthy decentralized applications and fake tokens on its native blockchain network, BNB Chain.
by Gile K. – Crypto Analyst, BitDegree
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