Deletion of crypto addresses: Binance explains!

2023 is for crypto companies and blockchains a year dedicated to innovation. For Binance, the time has come removal of old crypto addresses. This information is coming like a bombshell to unsuspecting crypto-enthusiasts. This is why Binance provides clarification. The essentials are highlighted in this article.

Binance will withdraw several deposit addresses

Admittedly, Binance regressed at the start of the year: it posted a 16% loss in market share. But the world’s leading crypto exchange knows how to stay solid as a rock facing the ups and downs of life. And many praise his ability to weather all sorts of problems, even pressure from the CFTC.

In a press release published on April 18Binance has announced that it will remove crypto deposit addresses to upgrade its infrastructure.

Binance has updated its wallet infrastructure to improve the efficiency and security of its users’ funds. Thus, Binance will withdraw selected deposit addresses and memos in batches and networks », Specifies the Binance team.

Above pictorial details specifying the blockchain addresses affected by this deletion.

List of deposit addresses withdrawn on different blockchain networks. Source: Binance

As you can see, crypto addresses linked to Ethereum, Tron, Stellar, BNB and LUNA are going to be withdrawn. According to Binance, this kind ofoperation aims to improve safety and the efficiency of the crypto exchange during the second trimester of the year 2023.

Accompanying measures

To reassure users, Binance has planned to notify affected users by email. This is how they can get a new crypto address and a memo.

Here are some details to keep in mind:

  • the current deposit address remains operational in the absence of a notification issued by Binance;
  • Only users who have received said notification are affected by this withdrawal of crypto addresses;
  • the expiry date of the old address will be mentioned in the email;
  • funds in expired crypto addresses will not disappearthey can be credited manually based on the transaction history;
  • logging into your account will become a necessity to create a new deposit address;
  • etc

There FAQ page of Binance is full of quite reassuring information to dispel any form of misunderstanding in this story of withdrawal.

Otherwise, we can see that until now, the desire of regulators to bring down giants of the crypto-sphere, like Binance, does not push them to give up.

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