Earlier today, the world’s leading crypto exchange Binance announced that it will retire selected deposit addresses and memos in batches by networks from July to September. The move comes as a measure to upgrade the Binance wallet infrastructure, enabling better efficiency and fund security for users.
#Binance will be retiring selected deposit addresses and memos in Q3.
This will be done in accordance with upgrading efforts to provide better efficiency and fund security for our users.
Read more here 👇https://t.co/o3kwWfPSUu
— Binance (@binance) July 6, 2023
The announcement noted that email notifications will be delivered in batches to impacted users. Moreover, Binance advised those receiving the notification to acquire a new address and memo.
Amidst continuous scrutiny across nations, Reuters reported that Binance.US has experienced a decline in its market share, dwindling to less than one percent, only a few hours ago. Nevertheless, Binance is implementing concerted efforts to preserve its market dominance.
According to the blog post published by Binance, Bitcoin, Bitcoin Cash, XRP, Cardano, Solana, Litecoin, Dogecoin, and Polkadot were some of the prominent networks scheduled for migration in Quarter 3.
Other networks include XMR, ALGO, FIL, NEAR, SEGWITBTC, WAVES, HBAR, RUNE, EGLD, FLOW, ICP, EOS, KAVA, DASH, ELF, IOST, IOTA, STX, WAX, CKB, ICX, ASTR, SCRT, INJ, BAND, STEEM, HIVE, XEM, FET, and BTS.
Additionally, XRP, HBAR, RUNE, KAVA, IOST, STX, WAX, SCRT, INJ, BAND, STEEM, HIVE, XEM, FET, and BTS are the memos required to migrate.
However, Binance clarified that users who didn’t receive an official notification from the exchange are requested to continue their current deposit accounts. The firm emphasized that:
Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo (if applicable) before the expiry date.
Furthermore, the notification will specify the expiration date of old deposit addresses, which will occur once a new address is obtained. Binance also reassured the users that deposited funds in expired addresses are secure and will not be lost. Users also have the option to manually transfer funds to the new address.