Binance users received a warning message titled ‘notice of deposit address expiring’ today. This message informs that the exchange will change the deposit addresses of customers. Things to consider and the deadline is as follows…
Binance is changing the deposit addresses of these coins
The leading exchange announced that it will replace the old deposit addresses due to an update in its portfolio structure. Popular networks such as Ethereum, Binance Smart Chain, Polygon and Arbitrum will also be affected by this change.
In particular, we should note that the deposit addresses of the Tron (TRX) network, which is frequently used for USDT transfers, will change on May 28. Users must confirm their new deposit address from Binance before this date.
Pay attention to these
The migration will take place 30 days after the user creates a new deposit address or receives an email notification of the change. Meanwhile, extra caution is needed against fraudulent e-mails. Do not respond to any requests other than Binance-approved emails.
Updating on these networks
Binance’s move will affect 24 networks. These networks include Ethereum, Binance Smart Chain, Polygon, Optimism, VeChain, Theta, and Waltonchain. You can check if you are using other networks below for checking.
- Arbitrum (ARB), Avalanche (AVAXC), Binance Smart Chain (BSC), Ethereum Classic (ETC). Ethereum (ETH), Phantom (FTC), Polygon (MATIC), Optimism (OP) and Ronin (RON). 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 said it is constantly updating its wallet infrastructure to provide users with better efficiency and security of funds. That’s why they’re removing group addresses and notes from the old batch engine. As a result, coins on popular networks like ETH and BSC will also need to use the new addresses.
What happens if I deposit money to the old address?
While Binance says deposits to old addresses are safe, deposits to such expired addresses will not be automatically credited. The user needs to access the balance page through the brokerage and perform the transaction manually in the transaction history.
The balance is calculated within an hour. While old addresses continue to work, more work is required for the user as they will no longer be automated. Therefore, it is important to pay attention to the change, as it is an update aimed at efficiency and security. For those who use Binance via their smartphones, the same transaction can be done through the Binance app.
Binance is one of the industry leaders by daily trading volume. The platform offers a range of trading tools that enable users to trade particularly high volumes. However, it enables exchange bots with API integration. cryptocoin.comAs Binance, we include the latest developments from Binance on this page.
