Binance users will be required to generate new wallet addresses in the coming months as the crypto exchange has announced its plans to implement a comprehensive update to its wallet infrastructure.
The new update is aimed at enhancing efficiency and strengthening fund security on the exchange. However, as a result of these changes, certain deposit addresses and memos may be phased out.
According to the announcement, the update process will be conducted in stages across various cryptocurrency networks, including Bitcoin (BTC), Ripple (XRP), Solana (SOL), Litecoin (LTC), Polkadot (DOT), Avalanche (AVAX), Cardano (ADA), and others. Binance users who engage in transactions using any of these cryptocurrencies will receive personalized email notifications with instructions on how to create new addresses and memos, if necessary.
The migration to the updated wallet infrastructure is scheduled to take place in the third quarter of 2023.
Binance advised its users to keep using their current deposit addresses until they receive an official notice from the exchange indicating the appropriate time to transfer to a new address and memo.
Binance also assured its users that funds transferred to expired addresses will not be lost. Instead, users can manually credit these deposits through Binance’s “transaction history” page. Because of this update, deposits made to expired addresses will no longer be automatically credited.
Earlier in June 2023, Binance announced that it had commenced operating nodes on the Bitcoin Lightning Network with the aim of facilitating seamless deposits and withdrawals for users. Though the integration of the Lightning Network is not yet finalized, Binance has acknowledged the existence of ongoing technological advancements and has committed to providing regular updates on the progress.
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