Saturday, 25 May 2024

Crypto News

Binance users get new ETH deposit addresses: Here’s what to do

Binance users get new ETH deposit addresses: Here’s what to do

The world’s largest cryptocurrency exchange by trading volume, Binance is disabling multiple old deposit addresses as part of its infrastructure upgrade.

In an announcement on April 18, Binance said it would retire selected deposit addresses and memos in batches on multiple blockchains, including Ethereum (ETH), Tron (TRX), BNB and Stellar (XLM). The crypto exchange said that the retirement of old addresses is a routine and a part of enhancing security and efficiency for the users.

List of retired deposit addresses on various blockhain networks. Source: Binance

The users of these impacted deposit blockchain addresses will be notified via email and the exchange strongly encouraged 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 The notification email will include the expiration date for any outdated deposit addresses. When you get a new address, your old deposit addresses will become invalid.

In order for users to obtain a new deposit address, they must log in to their Binance account and follow the instructions mentioned in their email notification. The migration is scheduled for between April-June 2023.

The crypto exchange also assured that the funds won’t be lost if someone sends assets to expired addresses by mistake. However, payments made to addresses that have already expired will not be immediately reimbursed. Users will have to manually credit the deposits from the old address using the “transaction history” page.

Related: CFTC chair says Binance intentionally broke rules concerning futures, commodities

Binance regularly carries out upgrades and maintenance on its infrastructure from time to time. The exchange recently raised alarm against 191 high-risk, untrustworthy DApps and fake tokens on its native blockchain network called BNB chain.

The change in deposit addresses of multiple blockchains including that of Ethereum comes just a day before Binance is set to open ETH withdrawal for users. Million of Ether is now unlocked after the Shapella upgrade on April 12, and major exchanges and custodians have already made arrangements for users to un-stake their ETH from the Beacon chain nearly three years after staking it.

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