Binance Unleashes Wallet Upgrades To Enhance Efficiency And Security

Key Points:

• Binance is upgrading its wallet infrastructure to enhance efficiency and fund security for users.
• Selected deposit addresses and memos will be retired in batches, with impacted users receiving inmail notifications.
• Users are encouraged to obtain new addresses and memos upon receiving notifications, while funds deposited into expired addresses remain safe and can be manually credited.

In a bid to provide better efficiency and enhanced security measures for its users, leading cryptocurrency exchange Binance has announced significant upgrades to its wallet infrastructure.

The exchange will be retiring specific deposit addresses and memos in a phased manner across different networks, with affected users receiving inmail notifications.

To ensure a transition, Binance strongly advises seamless users to obtain new deposit addresses and memos (if applicable) upon receiving the official notification. It is important to note that users who have not received any notification are encouraged to continue using their current deposit addresses without any changes.

The retirement of old deposit addresses and memos will only affect users who receive specific notifications from Binance, and the expiry date of the old addresses will be clearly stated in the notifications. However, it is reassuring to know that funds into addresses remain safe and secure, and users can manually credit these deposits via the “Transaction History” page on the platform.

To obtain new deposit addresses and memos (if applicable), affected users can conveniently log into their Binance accounts on either the Binance app or website. The exchange’s ongoing commitment to enhancing user experience and security is evident in this wallet infrastructure upgrade, which aims to streamline operations and provide an even more secure environment for cryptocurrency transactions.

With these improvements, Binance continues to demonstrate its dedication to maintaining the highest standards of service, providing user funds are well-protected, and upholding its position as a leading cryptocurrency exchange in the industry in the context of the exchange being subject to regulatory imposition in regions around the world.

As Coincu reported, from 08:00 UTC on July 7 until further notice, the exchange will halt support for the deposit and withdrawal of Multichain cross-chain bridge tokens created over the following network.

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