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The largest cryptocurrency exchange globally by trading volume, Binance, is deactivating several old deposit addresses as part of its infrastructure enhancement.
In a statement released on April 18, Binance announced that it would phase out certain deposit addresses and memos in batches across various blockchains, including Ether (ETH), Tron (TRX), BNB (BNB), and Stellar (XLM). The exchange indicated that the discontinuation of old addresses is a standard procedure aimed at improving security and efficiency for its users.
List of retired deposit addresses on various blockchain networks. Source: Binance
Users affected by these deposit blockchain address changes will receive notifications via email, and the exchange strongly advised all impacted users to acquire a new address and memo upon receiving the notice. The notification email will specify the expiration date for any outdated deposit addresses. Once users obtain a new address, the old deposit addresses will no longer be valid.
To secure a new deposit address, users need to log into their Binance account and adhere to the instructions provided in their email notification. The transition is planned to occur between April and June 2023.
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The exchange also reassured users that funds would not be lost if assets were mistakenly sent to expired addresses. However, transactions directed to addresses that have already expired will not be reimbursed immediately. Users must manually credit the deposits from the old address using the “transaction history” page.
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Binance routinely conducts upgrades and maintenance on its infrastructure. Recently, the exchange raised concerns about 191 high-risk, untrustworthy DApps and fraudulent tokens on its native blockchain network known as BNB chain.
The alteration of deposit addresses across multiple blockchains, including Ethereum, occurs just a day prior to Binance’s planned opening of ETH withdrawals for users. Millions of Ether have been unlocked following the Shapella upgrade on April 12, and major exchanges and custodians have already made provisions for users to un-stake their ETH from the Beacon chain nearly three years after it was staked.
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