Binance Announces Wallet Upgrade, Requiring Users to Obtain New Addresses

Binance, a leading cryptocurrency exchange, has revealed plans for an upcoming upgrade to its wallet infrastructure. As part of this upgrade, selected deposit addresses will be retired in batches, necessitating users to acquire new wallet addresses. The network address migration is scheduled for the third quarter of 2023.

Approximately 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP (XRP), Solana (SOL), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), and others, will be affected by Binance’s latest wallet upgrade. Along with wallet addresses, Binance will also deactivate memos, also known as destination tags. These memos are additional address features used to identify transaction recipients beyond the wallet address. They are particularly crucial for determining individual accounts when centralized exchanges like Binance employ one wallet address for all traders.

Users impacted by the upgrade will receive notifications from Binance, urging them to obtain new addresses and memos. Binance emphasizes that only those who receive official notifications are required to take action before the expiry date. Users are advised to continue using their current deposit addresses if they have not received any notifications. Old deposit addresses will expire upon obtaining a new address, but funds deposited into expired addresses will not be lost. However, these deposits will not be automatically credited, and users will need to manually credit them via the transaction history page.

Binance regularly upgrades its wallet infrastructure to enhance efficiency and fund security for users. In April 2023, the exchange disabled old deposit addresses for networks such as Ether (ETH), various EVM-compatible coins, Binance Coin (BNB), and others during a prior upgrade.