Binance announced change in deposit addresses, here’s what you need to do

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Binance, the world’s largest cryptocurrency exchange, reported that the old deposit addresses will expire, that is, they will be replaced by new ones. The company claims this is the result of an update to its portfolio structure.

According to the note, 24 addresses will be affected, including very popular networks such as Ethereum (ETH), Binance Smart Chain (BSC), Polygon (MATIC), and Arbitrum (ARB).

Migration to new addresses will occur when the user creates a new deposit address or 30 days after receiving an email notification of the change. However, it is important to be careful with these types of contacts, after all, hackers often take advantage of these moments to send fake emails.

What cryptocurrencies will be affected?

Binance’s move will affect 24 networks. The most famous are Arbitrum (ARB), Avalanche (AVAXC), Binance Smart Chain (BSC network), Ethereum Classic (ETC), Ethereum (ETH), Fantom (FTC), Polygon (MATIC), Optimism (OP) and Ronin. (RON).

Others affected are AirDAO (AMB), Celo (CELO), Chiliz (CHZ), Cortex (CTXC), Moonbeam (GLMR), Klaytn (KLAY), Moonriver (MOVR), Rei Network (REI), RSK, Theta (THETA) , TomoChain (TOMO), VeChain (VET), Wanchai (WAN), Waltonchain (WTC) and XDAI.

“Binance is continually updating its wallet infrastructure to provide better efficiency and security of funds for users. As such, we are removing deposit addresses and notes that are still in the old batch infrastructure,” the exchange said.

Binance announcement regarding changes to customer deposit addresses. Source: Binance.

In other words, everything indicates that tokens in networks such as ETH and BSC, the two most popular, also need to use the new addresses.

What happens if I deposit at the above address?

Next, the Binance exchange reports that deposits made to old addresses are safe. However, it does state that deposits to such expired addresses will not be credited automatically.

Therefore, the user must access their balance page at the brokerage house and carry out the process manually in the transaction history. The balance will be calculated within an hour, the brokerage firm reported.

Demonstration of how to manually deposit if using an old address. Source: Binance.

Demonstration of how to manually deposit if using an old address. Source: Binance.

For those who use Binance through their smartphone, the broker reported that the same process can be done through the Binance app.

Finally, although the old addresses will continue to work, their interaction will no longer be automated. That is, more work for the user. Therefore, it is up to the customer to be aware of the change, mainly because it is an update focused on efficiency and security.

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