Binance Is Retiring More Deposit Addresses: Are Your Wallets in Danger?

Binance is retiring users’ deposit addresses as part of a wallet infrastructure upgrade.

Hands reaching down from above grabbing wallets.
Created by Gabor Kovacs from DailyCoin
  • Binance is retiring deposit addresses. 
  • Given the recent scrutiny Binance has faced, the email can be unnerving to some users. 
  • Find out why Binance is retiring deposit addresses.

Binance has recently been involved in many controversies, from legal battles with the SEC to ceasing operations in some parts of the world. So, it’s hard to blame users for thinking their wallets are in danger when an official email notifies them that their deposit addresses are expiring, despite Binance CEO Changpeng “CZ” Zhao saying funds are SAFU. 

If you’ve received a daunting email from Binance, don’t fret! DailyCoin has an explanation. 

Routine Update

On Thursday, June 7, Binance announced that it is upgrading its wallet infrastructure to optimize its security and services. As part of this update, Binance will retire deposit addresses and memos from the old infrastructure, prompting users to get new addresses. 

In the following weeks, deposit addresses for Bitcoin, Ripple, Solana, Litecoin, Cardano, Dogecoin, Algorand, Near, and Polkadot, among other major chains, will expire. See the full list on Binance’s official announcement. 

Official email from Binance notifying users about their deposit addresses.
Official Binance Email.

Previously, Binance updated deposit addresses under Ethereum, such as Binance Smart Chain, Optimism, Polygon, and more. 

Following this notification, deposits to expired addresses will not be automatically credited to users’ accounts. However, it’s worth noting that funds deposited into those addresses will be safe and not lost. Instead, users must manually credit the funds to their wallet using the ‘one-click arrival’ option on the Binance app. 

What Should You Do? 

In the official notice, Binance advises users to click the provided link from the email to get their new addresses. Alternatively, they can log on to their Binance accounts to get new addresses. 

Once users have acquired these new addresses, old addresses will no longer function, and any further deposits will not be automatically credited. Hence, it’s important users update the records of their previous addresses because Biannce can close the ‘click to credit’ function at any time. 

Besides this, make sure you’re performing your due diligence. 

Here are a few tips: 

  • Keep your wallet seed phrase private. 
  • 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

Why This Matters

Following the fallout with US regulators, exit from major countries, and more, official emails can seem scary for unaware users. However, in this case, Binance users are safe and should remain unaffected by the update. 

Read more on Binance:

Binance-Investigating CFTC Finds Celsius CEO Mashinsky Guilty 

Read more on Cardano:

How Cardano Looks to Incentivize Contributors on Governance Actions

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.