Binance Announces Wallet Upgrade, Users Must Obtain New Addresses

Binance Announces Wallet Upgrade, Requires New Addresses for 40 Crypto

Binance, a popular cryptocurrency exchange, has announced an upcoming wallet infrastructure upgrade that will necessitate users to acquire new wallet addresses. This upgrade, scheduled for the third quarter of 2023, will impact around 40 cryptocurrencies, including major ones like Bitcoin, XRP, Litecoin, and Dogecoin. Additionally, Binance will deactivate memos, which are utilized to identify transaction recipients. Users who are affected will receive notifications from Binance and are strongly advised to obtain new addresses and memos accordingly. It is important to note that old deposit addresses will expire, but funds deposited into expired addresses will remain safe, albeit requiring manual crediting. Binance frequently upgrades its wallet infrastructure to enhance efficiency and ensure fund security.