Binance is preparing for the next upgrade of its wallet infrastructure. exchange announce It will cancel specific deposit addresses and notes in batches based on the networks involved.
This address pull is part of a planned network address migration that is scheduled to take place in the third quarter of 2023. The migration involves moving to new addresses as Binance seeks to improve its network infrastructure.
The latest wallet upgrade will affect a total of 40 cryptocurrencies and this includes notable cryptocurrencies such as Bitcoin, Bitcoin Cash, Cardano, Polkadot, Dogecoin, Solana, Monero, Litecoin, and more.
Binance is upgrading its wallet infrastructure in order to enhance security and efficiency
The upgrade of the Binance Wallet infrastructure aims to provide users with improved efficiency and enhanced security of funds. By implementing these upgrades, Binance is looking to improve the performance of its wallet system, ensuring smoother and more secure transactions for its users.
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In addition to wallet addresses, the platform will also deactivate notes, also referred to as destination tags. Memos, or destination markers, are additional address features used to identify the recipient of a transaction other than just the wallet address.
In the case of centralized exchanges such as Binance, where a single wallet address is used for multiple traders, the memo serves to differentiate funds and allocate them to individual accounts.
Binance is set to notify users of the changes
According to the announcement, Binance will send notifications to users who will be affected by the changes. The platform strongly encourages all affected account holders to obtain a new wallet address and a note as soon as they receive the notification.
Binance mentioned:
Only affected users who receive notifications from Binance are requested to obtain a new address and deposit note – if applicable – before the expiration date. (…) Old deposit addresses expire when a new one is obtained.
The exchange confirmed that users who did not receive an official notification from Binance should continue to use their existing deposit addresses.
However, the advertisement makes it clear that the funds deposited to an expired address will not be lost. The only downside is that if users accidentally deposit funds to an address that is no longer active or has expired, deposits made to expired addresses will not be credited automatically. In such cases, users will need to make these deposits manually by accessing the transaction history page.
This means that users who have mistakenly deposited funds to an expired address will need to take additional steps to manually initiate the deposit process using the transaction history page on the exchange platform.
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