Effects of Binance Changing Wallet Addresses

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Quote from: Lordsilvabtc on May 19, 2023, 06:32:25 PM

The recent announcement of wallet addresses going to expiration,
Has got me wondering, What effects, positive or negative will this have on Binance platform as well as the crypto investors and traders
On the platform, As for me I found it strange, that an address is expiring. What are your takes on this.

I don't think it will have a negative impact because, with the acts of insecurity surrounding crypto centralized exchanges, I am sure scammers are looking for ways to hack a good, reputable exchange like Binance so that they can make a name for themselves and send Binance back to the development stages because all exchanges that have gone bankrupt have to start from scratch and will lose people's trust.

They issued the statement ahead of time so that those who are using the address can make any necessary modifications before the deadline, which is a really smart idea because strong wallets like Electrum have several public keys for security reasons, and I believe that is what Binance is attempting to do.

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Quote from: NeuroticFish on May 21, 2023, 07:02:09 AM

Quote from: Volgastallion on May 20, 2023, 05:42:09 PM

I still dont know WHY people dont use a normal wallet.

* Lack of commitment - some heard that it's not so safe to keep a wallet locally and hope that an online business may cover the loses when something bad happens; they don't want to care about security, they don't want to buy a HW either
* Lack of understanding - many don't understand the difference between a wallet and an account. They see bitcoin like the cash in banks.
* Shallow understanding and laziness - "I can access it from the internet anytime" "I can transfer for free to my friend's account (inside the same platform)".

Keep in mind that the majority of people having bitcoin (or other crypto!) don't read (or read from wrong sources), don't care, and if they visit this forum they might do it only to earn some pennies.

The biggest reason out of these three is probably the lack of understanding since most people don't understand the difference and essence of a trading platform and a wallet. They think if their money is kept in the platform and it is called a wallet, they will be okay even if something bad happens, while in reality, it doesn't work that way.

If an account in an exchange gets compromised, they would never compensate you since they will call it your mistake as it is your responsibility to safeguard your account and enable 2 Factor Authentication, etc.

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Well! that binance is the best in this or other things, it was not necessary to use it as an introduction for your OP, but it is your opinion.

It is a security matter, for them, ( Roll Eyes

) I saw the email message and I ignored it because I thought that I did not use ETH at all on Binance and if it ever happened I do not remember, in any case nothing serious happens if you do not update these addresses because the old ones They still work, you just have to manually move to the new addresses with the balance you have there or future deposits.

In any case, it is worth saying that your customer service sent me an email with a specific TRX address that I used regularly. (a later mail)

This is something that depending on the user could be somewhat annoying but not beyond updating the address where it corresponds or where it is used to receive deposits.

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Quote from: Lordsilvabtc on May 19, 2023, 06:32:25 PM

The recent announcement of wallet addresses going to expiration,
Has got me wondering, What effects, positive or negative will this have on Binance platform as well as the crypto investors and traders
On the platform, As for me I found it strange, that an address is expiring. What are your takes on this.

It shouldn't be strange to you, first you have to understand those addresses aren't yours since you don't own the private keys to the wallets and Binance been in control can decide to stop using a particular address for reason that are best known to them. They haven't come out to explain why the decided to change this address but it must be for a good reason. Binance understood what this might do to their reputation if people start losing their coins due to this new developments so they have provided means to help stop that from happening.

There won't be any negative effects, Binance has constantly been informing their customers about the new developments and those that didn't see the information can still retrieve their coins when sent to the old addresses. One positive things about this development is that people will begin to be aware of the wallet address they're using. More cautious will be observe and people won't store addresses outside instead they'll go to their wallets or exchange to get the addresses directly from there.

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Quote from: NeuroticFish on May 20, 2023, 03:54:11 PM

The address will not expire ever, but, depending on what will Binance do internally, it may be that they will no longer use nor watch the wallet(s) having the old addresses, hence the user accounts will not get funded if money will come to those addresses.

Technically, the address will not expire, but to a centralized exchange, it may. And that's what's happening right now. Binance is putting an expiration to addresses, although leaving users the opportunity to still get their money with a few more clicks. But Binance reserves the right to disable this function anytime. And I think this is not a matter of if but when. Binance will certainly not maintain this feature forever. And when that time comes, tickets and complaints are gonna be flooding Binance's support.

And what's more controversial in the coming months or years is when despite the warning, before finally disabling this "click to credit" function, that deposits to expired addresses should be avoided and any funds deposited to them may be permanently lost, these stuck funds will surprisingly move.

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Quote from: Volgastallion on May 20, 2023, 05:42:09 PM

-snip-
I still dont know WHY people dont use a normal wallet.

If the exchange runs some type of business, then that's where the people are headed. For users with small-scale and regular deposits, of course, they will consider transfer fees as a loss, so they try to be as efficient as possible to do that.

This change of funding address is indeed very rare. Luckily, aside from announcements, binance has an effective tactic of manually reflecting balances by support so that users are aware at a moment's notice that the funding address has changed.

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As long as binance give people an ample time to settle in, it's fine for me.

People who will be affected once they start nuking the 'click to credit' function - hopefully not soon - are probably those using centralized/custodial exchanges the wrong way. For instance, using it as a means of storage, saving addresses in 'contacts' or some sort and not cross-checking with the exchange, etc. hence it's likely problems will occur even if this didn't happen.

But I still think a one size fits all expiration date is a lot better than per batch dates which could cause further confusion to some, similar to what happened when they implemented mandatory KYC.

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Quote from: Findingnemo on May 20, 2023, 01:55:41 PM

AFAIK, BTC address never expires and in Binance you can only have one deposit address for bitcoin so if they sre changing addresses of everyone for some reasons then its due to development of their platform or something like that

Bitcoin wallets are not affected by this recent update. Only ethereum addresses and few other coins are affected. And you are right, addresses do not expire.

Quote from: Cryptomultiplier on May 20, 2023, 03:51:18 PM

What happens if coins is sent to the wrong address, to the expired one I mean? Is Binance going to ensure a failsafe in case of such mishap?

You will receive the coins but it will not be credited to your account till you click on the One Click Arrival button. However, no one knows when this feature will be removed and you will not be able to credit coins to your account, even manually.

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I just received a notification that our local exchange will also change all their users' addresses and the reason is the same as Binance laid out to their users

Quote

Binance continuously upgrades its wallet infrastructure to provide better efficiency and fund security for users. As such, we’re retiring deposit addresses and memos still on the old infrastructure in batches.,

Centralized exchanges always do this for security there are no bad effects whatsoever this is what centralized exchanges do because they control their users' addresses, so if you're actively trading be sure to turn on notifications or follow your exchanges announcement and updates, this will also happen to your other exchanges and there's really nothing to bother.

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Quote from: joniboini on May 21, 2023, 09:45:36 AM

Regardless of what platform you use, following their latest updates and rules is kinda required if you want to keep using them without any problems.

Not only kinda required, but also mandatory especially since Binance is a centralized exchange.
Every user of the Binance exchange must comply with the ToS in force there to avoid trouble, and they must never attempt anything risky for the safety of their funds and deposit ^{[unless they are completely unaware of it].}

Quote from: DaveF on May 21, 2023, 10:07:57 AM

It's 100% a profit center for Binance. As we all know and has been said here, you can always send to those addresses. You will just not get credited. So Binance gets to keep the money. If you want it back they will probably charge you so they make money.

That's right, as mentioned in the announcement - Binance will not credit those deposits automatically to the user's account regardless of whether Binance tries to profit in this way or not. I'm not surprised that Binance is expecting profits, but users should just avoid it and not use old addresses anymore.

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Quote from: joniboini on May 21, 2023, 09:45:36 AM

Quote from: tabas on May 21, 2023, 07:49:05 AM

They've said that if some of these users didn't mind of this update, they won't lose their funds upon sending there but they need to coordinate to them in able for them to get that fund. So, that's another process for them to do and that's why it's gonna force everyone to obey and be obligated of this update.

I won't be surprised if they started charging fees to 'correct' the mistake of depositing to the old address later on.

Yeah, that's possible to happen and it's like going to give the users an "expedite" process for those that will pay the fee.

Quote from: joniboini on May 21, 2023, 09:45:36 AM

I don't know why anyone would continue using the old address after they notify them either, it's kinda stupid to rely on their generosity to recover their funds. Regardless of what platform you use, following their latest updates and rules is kinda required if you want to keep using them without any problems.

Well, there have been people keeping their addresses written and saved somewhere else because it's no hassle and if someone asks them, they'll just have to copy and paste it back to them not requiring them to log in to their Binance accounts. And the worse part, they ignore such updates as if they're just like the typical login notifications that we get through our emails and account dashboards. There really are those type of people that don't really verse themselves into updates, I even see people didn't withdraw funds from those closed platforms be it a casino or an exchange and other services despite receiving the notification closure several months away from the actual date.

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It's 100% a profit center for Binance. As we all know and has been said here, you can always send to those addresses. You will just not get credited. So Binance gets to keep the money. If you want it back they will probably charge you so they make money.

Just wait for the flood of posts about how someone had the addresses saved or gave someone an old address and Binance is not giving them their funds.

How many posts and for how long and what will their response be? I don't know. But what I am 100% sure of it will be good for them and bad for their customers.

-Dave

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Quote from: tabas on May 21, 2023, 07:49:05 AM

They've said that if some of these users didn't mind of this update, they won't lose their funds upon sending there but they need to coordinate to them in able for them to get that fund. So, that's another process for them to do and that's why it's gonna force everyone to obey and be obligated of this update.

I won't be surprised if they started charging fees to 'correct' the mistake of depositing to the old address later on. I don't know why anyone would continue using the old address after they notify them either, it's kinda stupid to rely on their generosity to recover their funds. Regardless of what platform you use, following their latest updates and rules is kinda required if you want to keep using them without any problems.

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Addresses don't expire, they just want to use that term so that users will be quick into thinking that this change should be remembered by everyone and it should be taken seriously. There's no negative impact to it but remember that even Binance, centralized exchanges are by no chance of being safe at most times. They've said that if some of these users didn't mind of this update, they won't lose their funds upon sending there but they need to coordinate to them in able for them to get that fund. So, that's another process for them to do and that's why it's gonna force everyone to obey and be obligated of this update. It's not actually a big thing even if they change addresses for the active users.

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Quote from: Volgastallion on May 20, 2023, 05:42:09 PM

I still dont know WHY people dont use a normal wallet.

* Lack of commitment - some heard that it's not so safe to keep a wallet locally and hope that an online business may cover the loses when something bad happens; they don't want to care about security, they don't want to buy a HW either
* Lack of understanding - many don't understand the difference between a wallet and an account. They see bitcoin like the cash in banks.
* Shallow understanding and laziness - "I can access it from the internet anytime" "I can transfer for free to my friend's account (inside the same platform)".

Keep in mind that the majority of people having bitcoin (or other crypto!) don't read (or read from wrong sources), don't care, and if they visit this forum they might do it only to earn some pennies.

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Quote from: NeuroticFish on May 20, 2023, 03:54:11 PM

Quote from: Findingnemo on May 20, 2023, 01:55:41 PM

AFAIK, BTC address never expires and in Binance you can only have one deposit address for bitcoin so if they sre changing addresses of everyone for some reasons then its due to development of their platform or something like that so why we should be worried about?

Some may have been using Binance as a wallet. Some may receive funds on such addresses. Some may have published such addresses as donation address.

The address will not expire ever, but, depending on what will Binance do internally, it may be that they will no longer use nor watch the wallet(s) having the old addresses, hence the user accounts will not get funded if money will come to those addresses.

So for people using Binance as an exchange it's not a problem at all. But those using Binance (account) as a wallet... may get to learn on the hard way that's better to use their own wallets as wallets.

Well i come to say exactly the same.

I add other people who can be hurt by this its gonna be the people who copy/paste always the same direction and if he didnt notice the change the funds are not gonna hit in his balance.

I still dont know WHY people dont use a normal wallet.

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Quote from: Findingnemo on May 20, 2023, 01:55:41 PM

AFAIK, BTC address never expires and in Binance you can only have one deposit address for bitcoin so if they sre changing addresses of everyone for some reasons then its due to development of their platform or something like that so why we should be worried about?

Some may have been using Binance as a wallet. Some may receive funds on such addresses. Some may have published such addresses as donation address.

The address will not expire ever, but, depending on what will Binance do internally, it may be that they will no longer use nor watch the wallet(s) having the old addresses, hence the user accounts will not get funded if money will come to those addresses.

So for people using Binance as an exchange it's not a problem at all. But those using Binance (account) as a wallet... may get to learn on the hard way that's better to use their own wallets as wallets.

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Quote from: imamusma on May 20, 2023, 12:32:02 PM

Quote from: cryptoaddictchie on May 20, 2023, 12:02:14 PM

I thinl thats good move changing it might refresh our deposit address to fresh one and leaving the old one. I think its better if they could do that on 6 months basis instead of a longer one so people can always change theit depo address that might be track by some scammers due to continously been used of. For me its a nice move for the Binance team and they had explained it ms an upgrade for security purposes too.

I agree this is a good move from Binance if security is their priority. However some users may find it negative for them especially when they miss the announcement and still send coins or tokens to expired addresses. If that's the impact they have in mind, then I hope they should read the announcements and whatever details Binance has said in case any user is still sending coins or tokens to the old address instead of the new address.

If that's what they're worried about, then I hope they find the answers here: Existing Deposit Addresses to Be Retired (2023-04-18)

My point exactly. What happens if coins is sent to the wrong address, to the expired one I mean? Is Binance going to ensure a failsafe in case of such mishap?

Am not really worried about how we would get the new address because am sure they would send a notification to the users on how to secure the new address. Am sure this would require the users to also update the software app on their device.

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Quote from: Lordsilvabtc on May 19, 2023, 06:32:25 PM

If you've been on Binance over the years, you could
Probably discover that in simple terms it is the most secured

Binance shouldn't be considered the most secure exchange because they once had a hacking issue though they learn from their mistake and beef up their security.

Quote from: Lordsilvabtc on May 19, 2023, 06:32:25 PM

Well coordinated and organized centralized exchange globally,

Yes, it is a well-organized exchange and I like the fact that they keep building their ecosystem.

Quote from: Lordsilvabtc on May 19, 2023, 06:32:25 PM

The recent announcement of wallet addresses going to expiration,
Has got me wondering, What effects, positive or negative will this have on Binance platform as well as the crypto investors and traders
On the platform, As for me I found it strange, that an address is expiring. What are your takes on this.

It was strange to me either but in the first message they sent to all users, they claim that changing the addresses is part of their security upgrade plan and the advantage I see about it is that it will provide users the chance of changing to new address instead old address with less privacy.
The advantage is that users need to always check their PK address before sending crypto to it.

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Quote from: BIT-BENDER on May 20, 2023, 01:10:09 PM

About the wallet address changes, the binance team must have put out to those accounts that would have wallet expiration, and I think owners of such accounts would have prepared themselves for this, the main purpose of this development is for security reasons, even though I feel it would have it inconveniences, but in the bigger picture it may be a positive thing.

Of course, that should be considered as something positive from a security standpoint. Regardless of whether users feel comfortable or not, like it or not, impactful users must always be ready with any improvements or changes.

I have never considered this to be a very serious problem that needs special attention for all forum users. If they are an affected user, then they should have received the Binance notification and know why. Binance is a centralized exchange service, if they like to use the service then they have to connect with all the rules of the service.

Topic: Effects of Binance Changing Wallet Addresses (Read 315 times)