Binance’s latest wallet upgrade will affect a total of 40 cryptocurrencies, including Bitcoin.
In addition to wallet addresses, Binance will be also deactivating memos. Also known as a destination tag, a wallet memo is an additional address feature necessary to identify a transaction recipient beyond a wallet address. As most centralized exchanges like Binance use one wallet address for all traders, the tag or memo is used to determine the individual account.
According to the announcement, Binance will send notifications to impacted users. The firm strongly encouraged all impacted account holders to get a new address and memo upon receiving the notification. Binance emphasized that users should continue their current deposit addresses if they have not received an official notification from Binance, stating:
“Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo — if applicable — before the expiry date. [...] Old deposit addresses will expire upon obtaining a new address.” At the same time, funds deposited into an expired address will not be lost, the announcement notes. But unlike regular deposits, the deposits made into expired addresses would not be automatically credited, requiring users to manually credit them via the transaction history page.Binance’s wallet upgrades aren’t something new. Binance regularly upgrades its wallet infrastructure in order to provide “better efficiency and fund security for users.
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