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- What – Binance to make wallet upgrades to various crypto addresses
- Why – To enhance efficiency and fund security
- What Next – Users to receive notifications via email to obtain new addresses
On July 6, Binance revealed that some existing deposit addresses and memos would expire during the third quarter of 2023.
The upgrade will affect around 40 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), Polkadot (DOT), and many others.
According to the announcement, the existing deposit addresses and memos used by some users will be deactivated between July to September 2023.
A wallet memo is an additional address feature that indicates a transaction recipient beyond a wallet address.
Users who transact using the listed cryptocurrencies will receive a notification via email to obtain new addresses.
The exchange emphasized that users should continue using their current deposit addresses if they have not received an official notification from Binance
‘’Only impacted users who receive notifications from Binance must obtain a new deposit address and memo (if applicable) before the expiry date. Old deposit addresses will expire upon obtaining a new address,’’ the exchange team said.
Binance has, however, assured users that funds deposited at expired addresses will not be lost. Instead, users can manually credit these deposits through the “transaction history” page on Binance.
The users can access their accounts through the official Binance app or website to acquire new deposit addresses and memos.
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