Binance, the centralized cryptocurrency exchange, will make major upgrades to its wallet infrastructure.
The move aims to enhance fund security and will result in the retirement of selected deposit addresses and memos.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Centralized exchange giant Binance announced today that it is rolling out a comprehensive upgrade of its wallet infrastructure.
. Users who transact in the listed cryptocurrencies will be individually notified via email. After that, they will have to generate new addresses and memos .has scheduled the migration for the third quarter of 2023. Nevertheless, users are advised to continue using their current deposit addresses until they receive an official notification from Binance indicating that it's time to switch to a new address and memo.
Binance reassured its users that funds deposited into expired addresses will not be lost. Instead, these deposits can be manually credited by users through the “transaction history” page on Binance. The new system will result in deposits made into expired addresses not being automatically credited as before. Users can obtain new deposit addresses and memos by logging into their accounts via the official Binance app or website, the exchange added.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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