Binance deactivates some addresses as part of an update

Binance Deactivates Certain Addresses As Part Of Wallet Update
Binance Deactivates Certain Addresses As Part Of Wallet Update

Bitcoin exchange Binance will upgrade its wallets in the third quarter to improve the efficiency and security of client funds. The initiative will result in the cancellation of individual deposit and payment comment (memo) addresses.

Customers will have to configure new settings.

The modernization will take place in stages and will affect various networks, including Bitcoin, Ripple, Solana, Litecoin, Polkadot, Avalanche and Cardano.

Users will be individually notified via email to generate new addresses and comments (if applicable). Up to this point, you can use the current settings.

The platform specifically emphasized that the transition will not lead to the loss of funds at the “old” addresses. Receipts will be available in the “history of deposits” section. In this case, to deposit assets, you will have to fill out the form manually – the exchange will not automatically credit them.

According to Glassnode, the total balance of bitcoins on centralized platforms has dropped to the lowest level since March 14, 2018 of 2.26 million BTC.

As a reminder, Binance began upgrading its wallet-related infrastructure in April 2023.

Earlier, the head of the cryptocurrency exchange, Changpeng Zhao, said that the platform was making “big preparations” for a period of increased trading activity. In his opinion, this can happen in the next 6-18 months.

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