Binance existing Deposit Addresses to Be Retired in Q3 (July - September 2023)

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Quote from: Abu-Naim on July 11, 2023, 05:20:31 PM

What is the main aim and benefit of changing users deposit address?
Is it for more security of the users fund or to prevent the address from being compromised?

I think Binance announced full support for Taproot address and Lightning Network support so that could be one of the reasons.
They still have old format Legacy addresses and they probably want to save on fees more with segwit and taproot, but regulations are also not excluded after they got banned in several countries.

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Quote from: Darker45 on July 11, 2023, 09:14:45 PM

Well, Binance stated that they will be upgrading their wallet infrastructure. Following this, those deposit addresses, as well as memos, that belong to the old infrastructure will have to be retired. Accordingly, this is all for the sake of better efficiency and, as you mentioned, security for the users' funds.

I can think of another reason: recovering cross-chain deposits without risking any other deposits. Unless they pay it back to the senders, that's a nice bonus for Binance.

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Quote from: Abu-Naim on July 11, 2023, 05:20:31 PM

What is the main aim and benefit of changing users deposit address?
Is it for more security of the users fund or to prevent the address from being compromised?

Well, Binance stated that they will be upgrading their wallet infrastructure. Following this, those deposit addresses, as well as memos, that belong to the old infrastructure will have to be retired. Accordingly, this is all for the sake of better efficiency and, as you mentioned, security for the users' funds.

This isn't the first time that Binance upgrades its wallet. And, as indicated in their announcement, this only goes out to certain users. The rest who didn't receive email notification won't have to obtain a new address.^[1]

[1] https://www.binance.com/en/support/announcement/existing-deposit-addresses-to-be-retired-in-q3-july-september-2023-ffbe37cbd85f46db8fe3021ee3f85eb3

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What is the main aim and benefit of changing users deposit address?
Is it for more security of the users fund or to prevent the address from being compromised?

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Quote from: Little Mouse on July 07, 2023, 01:47:38 PM

I can't see any changes on my Bitcoin address in Binance. Thank you for the clarification though.

Yeah, if you don't receive any official notification or email from Binance, there is no need to worry about the address change. Since the notifications are going to be sent out in batches to affected user between this month and September 2023. There is a chance that they could notify you in the near future, and it's only then when you will generate the new address and stop using the current one.

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Quote from: Little Mouse on July 07, 2023, 01:47:38 PM

Are you talking about instant exchanges? I haven't seen any traditional exchanges to provide new deposit address each time

I was talking about Kraken and BL3P.

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Quote from: LoyceV on July 06, 2023, 03:06:08 PM

Didn't they get the memo on address reuse? I can't imagine using an exchange that doesn't give me a new deposit address each time!

Are you talking about instant exchanges? I haven't seen any traditional exchanges to provide new deposit address each time except coinbase though I haven't used coinbase as an exchange. I used them as wallet only back in the day. They time an address is funded, you will be given new address there (previous addresses are valid too).

Quote from: logfiles on July 06, 2023, 06:40:53 PM

The old Announcement was about a different set of addresses of Ethereum, Polygon, Tron etc. This new announcement as has a new set

I can't see any changes on my Bitcoin address in Binance. Thank you for the clarification though.

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Quote from: Ojima-ojo on July 06, 2023, 12:00:50 PM

From what I read in the articles it is for selected wallets, so that means not all binance users will be affected and those affected will receive an email so it then means it is not a general wallet.

The upgrade is being carried out in batches, so it may affect all the users but not at the same time. Users will be sent updates about the upgrade in batches for the given period.

Quote from: Little Mouse on July 06, 2023, 01:43:04 PM

There was an old announcement a few months back if I can remember correctly. Is it the same announcement or Binance is changing the deposit address once again? That would be weird.

The old Announcement was about a different set of addresses of Ethereum, Polygon, Tron etc. This new announcement as has a new set

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Quote from: Little Mouse on July 06, 2023, 01:43:04 PM

There was an old announcement a few months back if I can remember correctly. Is it the same announcement or Binance is changing the deposit address once again? That would be weird.

Check the link on the topic, the announcement was published on 2023-07-06 which was today. You can see that on the announcement. This is not about the recent one, it is another one and it was announced today.

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Quote from: Findingnemo on July 06, 2023, 03:22:59 PM

Almost every centralized exchange is providing users with one address only for each coins for a while now so you can't use any exchange if you have that criteria. Grin

I only use 2 exchanges, and both expire addresses all the time. I wouldn't want it any other way.

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Quote from: LoyceV on July 06, 2023, 03:06:08 PM

Didn't they get the memo on address reuse? I can't imagine using an exchange that doesn't give me a new deposit address each time!

Almost every centralized exchange is providing users with one address only for each coins for a while now so you can't use any exchange if you have that criteria. Grin

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Didn't they get the memo on address reuse? I can't imagine using an exchange that doesn't give me a new deposit address each time!

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There was an old announcement a few months back if I can remember correctly. Is it the same announcement or Binance is changing the deposit address once again? That would be weird.

Quote from: Ojima-ojo on July 06, 2023, 12:00:50 PM

Binance has been on wallet upgrade for a while now and this is all aimed at efficiency and more control to come along with it now that binance has faced SEC and some amendment needs to be done to the existing protocol if it either failed to meet security standard or being an outdated wallet that its operation and existence is no longer need.

I don't think this has anything to do with SEC. It doesn't make any sense.

Quote from: Yamane_Keto on July 06, 2023, 01:25:36 PM

There are about 24 binance related topics in the first 3 pages of this board, it's time to create an unofficial ANN binance thread.
If someone has an verified account, please will create it instead of creating a new topic with each news.

I can't remember if I have ever seen a verified account from Binance here. They never had an announcement here either. When it comes to creating an unofficial thread, it requires someone to spend some good amount of times which I doubt anyone would volunterily do.

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I remember that there is an old thread related to this news. Please check your binance address
There are about 24 binance related topics in the first 3 pages of this board, it's time to create an unofficial ANN binance thread.
If someone has an verified account, please will create it instead of creating a new topic with each news.

Binance Haults All Bitcoin Withdrawals !!
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Binance announced LN integration
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>>>>>

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Now BTC is included on their list and many networks added to the list unlike in the past announcement.

Quote from: Ojima-ojo on July 06, 2023, 12:00:50 PM

Binance has been on wallet upgrade for a while now and this is all aimed at efficiency and more control to come along with it now that binance has faced SEC and some amendment needs to be done to the existing protocol if it either failed to meet security standard or being an outdated wallet that its operation and existence is no longer need.

I don't think it is due to SEC they usually upgrade wallets to make sure their customer's wallets are secured and safe and I think they replace deposit addresses to get less exposure.

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Binance has been on wallet upgrade for a while now and this is all aimed at efficiency and more control to come along with it now that binance has faced SEC and some amendment needs to be done to the existing protocol if it either failed to meet security standard or being an outdated wallet that its operation and existence is no longer need.

From what I read in the articles it is for selected wallets, so that means not all binance users will be affected and those affected will receive an email so it then means it is not a general wallet.

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This is coming from Binance

https://www.binance.com/en/support/announcement/existing-deposit-addresses-to-be-retired-in-q3-july-september-2023-ffbe37cbd85f46db8fe3021ee3f85eb3?

Be expecting an email from Binance with the email account you used to register on Binance. If email is not sent to you, do not bother.

For people that mistakenly send to former address, you can credit your account manually.

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