Binance Upgrades Wallet Infrastructure, XRP Users Beware

1. Binance is upgrading its wallet infrastructure.
2. This migration will affect many wallets between July – September 2023.
3. It advises users to follow Binance official guidelines to stay vigilant.

Binance, one of the world’s leading crypto exchanges, makes an important announcement via its official notice. It announces that it will be retiring certain deposit addresses and memos. 

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The crypto exchange will do so in batches as part of its ongoing efforts to enhance wallet infrastructure. In the long run this will improve efficiency and fund security for users. The retirement of these addresses will take place in the third quarter of 2023. Specifically, between July and September.

Impacted users will receive alerts via email notifications about the coming changes. In line Binance strongly advises all affected users to obtain new addresses and memos, if applicable, upon getting the notification.

The networks scheduled for migration during this includes a long list. BTC and BCH will not need a new memo. The official notice from Binance details everything. To highlight, the only assets requiring a new memo are XRP, HBAR, RUNE, KAVA, IOST, STX, and INJ. The list also mentions the following: BAND, STEEM, XEM, FET, and BTS.

It is important to note that users who have not received an official notification from Binance should continue using their current deposit addresses. Only users who receive notifications are should obtain new addresses and memos before the specific expiry date. 

The funds sent to expired addresses will remain safe and can be manually credited via the “Transaction History” page. However, it is essential to remember that deposits made into expired addresses will not be automatically credited.

To obtain new deposit addresses and memos, users can log into their Binance accounts on the Binance app or website. Binance reminds users that in case of any discrepancy between translated versions and the original English version, the English version will prevail.

The exchange gives thanks for the continued support of its users and assures them of its commitment to keeping a secure and smooth runnign platform. As always, Binance continues to show extra care towards its user base.

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