Binance users should be prepared for a big change to their favorite platform in the coming days. The crypto exchange has indeed informed its community of an impending address upgrade on the platform. This comes after the last modification of the same kind two months earlier by the Changpeng Zhao exchange and reflects its desire to offer better services to its users.
New address upgrade on Binance
The past few weeks have been tumultuous for Binance, which has constantly had to deal with attacks from the SEC since the beginning of the previous month. Subsequently, it encountered regulatory crackdowns in the Netherlands, Belgium, Germany and even France. A series of crackdowns that raised questions about the future of Binance in Europe.
Fortunately, these recent regulatory concerns have obviously not shaken Binance’s momentum. In effect, the largest exchange in the world has announced to its users on July 6 that it plans to remove certain batch deposit addresses. A total of 40 cryptocurrencies will be affected by this operation scheduled for the third quarter of the year. We find on the list, bitcoin (BTC), Monero (XMR), Dogecoin (DOGE), litecoin (LTC) or Bitcoin Cash (BCH). In addition to deposit addresses, Binance also plans to remove memo tags.
The exchange urges users who will receive the notification to create new addresses and calls on those who will not receive it to refrain. “Only affected users who receive notifications from Binance are required to obtain a new deposit address and memo — if applicable — before the expiration date. (…) Old deposit addresses will expire upon obtaining a new address,” Binance pointed out.
The Importance of Exchange Upgrades
In its announcement, Binance clarifies that deposits made to an expired address will not be lost. However, these deposits will not be automatically credited. Users will need to credit their addresses manually from the transaction history page.
Changpeng Zhao’s crypto exchange regularly performs address upgrades. According to Binance, this operation aims to provide “better efficiency and security of funds” to its users. Despite its regulatory problems, the exchange wants to improve its services to the delight of its users.
This Binance upgrade comes after the one last April. The exchange had retired old deposit addresses to optimize its efficiency.
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