- Binance notified users that their deposit addresses are expiring.
- Given the recent controversies surrounding Binance, the email could be unnerving to some users.
- Find out why Binance is retiring deposit addresses.
From facing accusations of insider trading to halting operations in the US, Binance has been embroiled in a series of controversies lately. While Binance CEO Changpeng “CZ” Zhao tackles the FUD with a good old “4” tweet, it’s hard to blame users for growing increasingly concerned when an email notifies them about expiring deposit addresses.
Should you be worried?
If you’ve received an email from Binance, don’t fret! DailyCoin has you covered.
Just an Update
On Tuesday, April 18, Binance released an official notice informing users that it’s upgrading its wallet infrastructure to optimize its security and services. As part of the update, Binance has decided to retire deposit addresses and memos from the old infrastructure, prompting users to obtain new addresses.
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Deposit addresses under Ethereum, such as Arbitrum, AVAX, Binance Smart Chain, Ethereum Classic, Optimism, Polygon, and more, will also expire.
Binance’s Official Notice Email.
What Does It Mean?
Following the notification, deposits to expired addresses will not automatically be credited to users’ accounts. However, it’s important to note that funds deposited into those addresses will be safe and not lost. Users must manually credit the funds to their wallets using the “one-click arrival” on the Binance app or website transaction history page.
What Should You Do?
In the official notice, Binance suggests users should click the link from the email to get their new addresses. Users can also obtain new addresses by logging into their Binance accounts on the app or website.
Note that once users update their addresses, old addresses will cease to work, and any further deposits will not automatically be credited. Therefore, users must update their records of previous addresses because Binance reserves the right to close the “click to credit” function anytime. Additionally, it’s essential to perform your due diligence.
Here are a few tips:
- Keep your wallet seed phrase private from everyone on the internet.
- Always do your own research.
- Double-check links, websites, and emails. Look for links that are hypertext, check slugs, and inspect buttons.
- Check other social media channels to ensure the news is real.
- Verify and scan all addresses, such as contract, sender, and others, before doing anything permanent.
- Ask for help from officials, and prioritize your safety and security.
On the Flipside
- The CFTC Chief recently accused Binance of knowingly breaking US laws leading to heightened concerns around the exchange.
- UK users should be aware Binance has suspended GBP services to new users.
- As of November 10th, 2022, Binance held approximately $69 billion in its reserves.
Why You Should Care
In light of recent uncertainty and drama around Binance, following the fallout with US authorities, rumors of Interpol red notices, and more, official emails can seem daunting. However, in this instance, Binance users are safe and should remain unaffected by the update. At the end of the day, it’s an update that will improve the exchange’s security and services.
FAQs
No, Binance is known to upgrade its wallet infrastructure to provide better security to its users. Therefore, it’s routine for Binance to retire deposit addresses on the old infrastructure.
Users can obtain new Binance deposit addresses by clicking the link from Binance’s official email. Double-check links and addresses before you click on something. Besides that, users can log onto Binance, navigate to Deposit Crypto, select the coin and network, and click “Get Address.”
Binance locks new deposits from ACH, Debit, and Apple Pay quickly. Users cannot withdraw funds funded by these methods for seven days.
For fiat deposits, depending on the method and bank, it can take as little as 24 hours from users’ deposit for funds to arrive in their Binance wallet. For crypto deposits, it depends on the underlying network traffic and how fast the transaction receives confirmation, which generally takes about five minutes.
Read what a Binance executive has to say about the recent controversies:
Binance’s Compliance Chief: Crypto Treated Unfairly Compared to TradFi
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FTX Lawsuit Catches Up with Shaquille O’Neal at Atlanta Residence
