Binance, the world’s largest cryptocurrency exchange by trading volume, is retiring old deposit addresses on multiple blockchains, including Ethereum (ETH), Tron (TRX), BNB, and Stellar (XLM), as part of its infrastructure upgrade. Binance has stated that this routine process is aimed at enhancing security and efficiency for its users.
What should Binance users do about the upgrade?
Binance users impacted by the deposit blockchain addresses retirement will be notified via email, and the exchange strongly recommends that all impacted users obtain a new address and memo upon receiving the notification. The notification email will include the expiration date for any outdated deposit addresses. The migration is scheduled between April and June 2023.
Will funds be lost if mistakenly sent to expired addresses?
Binance has assured users that funds won’t be lost if mistakenly sent to expired addresses. However, payments made to expired addresses will not be immediately reimbursed. Users must manually credit the deposits from the old address using the “transaction history” page.
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