Cryptocurrency exchange Binance is gearing up for another update to its wallet infrastructure, warning users about the upcoming address migration.
On July 6, Binance officially Announced which will retire selected bucket addresses in batches as part of a network address migration scheduled for Q3 2023.
The latest Binance wallet update will affect a total of 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin cash (BCH), XRP (XRP), Solana (SUN), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Lunar (SPOT) and others.
In addition to wallet addresses, Binance will also disable notes. Also known as a destination label, a wallet note is an additional address function required to identify the recipient of a transaction beyond a wallet address. Since most centralized exchanges like Binance use one wallet address for all traders, the tag or note is used to determine the individual account.
According to the announcement, Binance will send notifications to affected users. The firm strongly encouraged all affected account holders to obtain a new address and memorandum upon receipt of the notification.
Binance emphasized that users should continue with their current deposit addresses if they have not received an official notification from Binance, stating:
โOnly affected users receiving notifications from Binance are required to obtain a new deposit address and note, if applicable, prior to the expiration date. [...] Old deposit addresses will expire upon getting a new address.โ
At the same time, funds deposited at an expired address will not be lost, the announcement states. But unlike regular deposits, deposits made to expired addresses would not be credited automatically, requiring users to manually credit them via the transaction history page.
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Binance wallet updates are not a new thing. Binance regularly updates its wallet infrastructure to provide "better efficiency and security of funds for users."
The exchange previously proceeded with said update in April 2023, disable old deposit addresses for networks like Ether (ETH), various EVM-supported coins, Binance Coin (bnb) and others.
Binance did not immediately respond to Cointelegraph's request for comment. This article will be updated pending new information.
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