Binance Upgrade, Address Migration of Multiple Cryptocurrencies

The Binance cryptocurrency exchange is preparing for a further upgrade of its wallet infrastructure and has informed users of the impending address migration.

Binance announced on July 6 that it will terminate select deposit addresses in segments as part of a network address migration scheduled for the third quarter of 2023.

The most recent wallet upgrade from Binance will affect a total of 40 cryptocurrencies, including Bitcoin, Bitcoin Cash, XRP, Solana, Monero, Litecoin, Dogecoin (DOGE), Cardano, Polkadot, and others.

Alongside wallet addresses, Binance will deactivate memoranda. A wallet memo, also referred to as a destination identifier, is an additional address feature required to designate a transaction recipient beyond a wallet address.

The majority of centralized exchanges, such as Binance, use a single wallet address for all traders, so the memo identifies each account.

According to the announcement, Binance will send affected consumers an email. The company urged all affected account proprietors to obtain a new address and memo immediately after receiving the notification.

Binance emphasized that users should continue to use their current deposit addresses if they have not received an official notification from Binance. Stating:

“Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo — if applicable — before the expiry date. […] Old deposit addresses will expire upon obtaining a new address.”

However, unlike regular deposits, deposits made to expired email addresses would not be automatically credited users would be required to manually credit them via the transaction history page. The Binance wallet enhancements are not novel.

Binance routinely enhances its wallet infrastructure to provide “better efficiency and fund security for users.”

In April 2023, the exchange implemented a similar upgrade, disabling old deposit addresses for Ether, several Ethereum Virtual Machine-compatible coins, BNB, and others.