Binance to deactivate certain addresses as part of wallet upgrade

The cryptocurrency exchange Binance in the third quarter carry out a wallet upgrade to improve the efficiency and security of client funds. The initiative will involve deactivating certain deposit addresses and payment memos (memo).

Users will need to configure new parameters.

The upgrade will be phased and will affect various networks, including Bitcoin, Ripple, Solana, Litecoin, Polkadot, Avalanche and Cardano.

Users will be notified individually by email about the need to generate new addresses and memos (if applicable). Until then, current parameters can be used.

The platform emphasised that the transition will not result in the loss of funds on “old” addresses. Incoming deposits will be available in the Deposits history section. In that case, deposits will have to be submitted manually via a form — the exchange will not credit them automatically.

Binance began updating wallet-related infrastructure in April 2023.

Earlier, the head of the cryptocurrency exchange Changpeng Zhao stated that the platform is undertaking ‘a major preparation’ for a period of heightened trading activity. In his view, this could occur within the next 6-18 months.