Binance said retiring old deposit addresses on multiple blockchains is part of its infrastructure upgrade, with the new addresses offering better security and efficiency.
The world’s largest cryptocurrency exchange by trading volume, Binance, is disabling multiple old deposit addresses as part of its infrastructure upgrade.
In an announcement on April 18, Binance said it would retire selected deposit addresses and memos in batches on multiple blockchains, including Ether (ETH), Tron (TRX), BNB (BNB) and Stellar (XLM). The crypto exchange said that the retirement of old addresses is a routine and a part of enhancing security and efficiency for the users.
The users of these impacted deposit blockchain addresses will be notified via email, and the exchange strongly encouraged that all impacted users obtain a new address and memo upon receiving the notification. The notification email will include the expiration date for any outdated deposit addresses. When users get a new address, old deposit addresses will become invalid.
To obtain a new deposit address, users must log in to their Binance account and follow the instructions mentioned in their email notification. The migration is scheduled for between April and June 2023.
The crypto exchange also assured that the funds wouldn’t be lost if someone mistakenly sent assets to expired addresses. However, payments made to addresses that have already expired will not be immediately reimbursed. Users must manually credit the deposits from the old address using the “transaction history” page.
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Binance regularly upgrades and maintains its infrastructure from time to time. The exchange recently raised the alarm against 191 high-risk, untrustworthy decentralized applications and fake tokens on its native blockchain network called BNB Chain.
The change in deposit addresses of multiple blockchains, including that of Ethereum, comes just a day before Binance is set to open ETH withdrawal for users. Millions of Ether are now unlocked after the Shapella upgrades on April 12, with major exchanges and custodians having already made arrangements for users to unstake their ETH from the Beacon Chain nearly three years after staking it.
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