Effects of Binance Changing Wallet Addresses - page 2.

Findingnemo

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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
Well coordinated and organized centralized exchange globally,

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.

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?

I am sure they have a warning like check the deposit address before depositing funds to the account everytime you copy so suddenly if it changes it doesn't affect me personally or unless I am using the address for receiving payments from someone and I don't have a way to contact the sender to tell the new address.

BIT-BENDER

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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
Well coordinated and organized centralized exchange globally,

Well I don't know how long you have been on binance but it also doesn't matter, if you are on a centralized exchange there is no security on it you can trust, you are having less freedom even on your own funds, you risk your privacy protection and centralized exchange are the gate way for government involvement in Crypto-currency.

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.

imamusma

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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)

Fiatless

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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.

Addresses don't expire but I think Binance has set a timeline for the change of its addresses. So when it gets to that time it is assumed that such addresses have expired. This is a security measure to protect the exchange from scammers or potential hacks. This measure is very important because even some workers in Binance cannot be trusted. I don't think it will have any negative effect on the customers because even funds in the expired address are still safe and can still be access

BitDane

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The changing of wallet address of Binance is a good move, IMO. they should also implemente the option for changing an address every time a deposit is done for security reason. I do not think any negative implication of address change except for the users who do not update themselves and keep on using the old address to receive funds for other people after it expires. Although the fund might not be lost but it will be cumbersome if the sent fund is not credited to his account since he needs to contact the support staff and file a ticket about the problem. Depending on how the staff will act on the issue, it may take some working days to be resolved.

cryptoaddictchie

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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.

Franctoshi

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Quote from: uchegod-21 on May 20, 2023, 11:36:17 AM

I have read and seen Binance do so many things and most times things they do are not bitcoin things and it looks as if they are not bitcoin minded because of their level of centralization. But in this case of address expiry, it is one thing they have done that supports bitcoin way.
To be privacy centred, it is not good to use one wallet over and over again. So, wallet expiry will make it possible to use one address for one type of transaction only. And that is for security reasons.

I was just imagining if they included bitcoin addresses in the announcements. The weekly btc payment in the forum.

At the initial time when I got an email from them that my ETH deposit address will soon expire, I thought it was due to the fact that I haven't been using my ETH deposit address for a long period of time ,because I stopped using it due to the high Ethereum gas fees, not until I got another email also telling me that my BNB address will be expiring soon, I don't know if this is gonna go round and affect other deposit addresses, they seem like changing it one after the other, maybe BTC might be the next one in line to be changed.

uchegod-21

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I have read and seen Binance do so many things and most times things they do are not bitcoin things and it looks as if they are not bitcoin minded because of their level of centralization. But in this case of address expiry, it is one thing they have done that supports bitcoin way.
To be privacy centred, it is not good to use one wallet over and over again. So, wallet expiry will make it possible to use one address for one type of transaction only. And that is for security reasons.

I was just imagining if they included bitcoin addresses in the announcements. The weekly btc payment in the forum.

Dr.Bitcoin_Strange

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Over the year, Binance got a lot of users but was not the most secure or well coordinated exchange; there were other trusted exchanges and dex like Binance too, but it was just that Binance was one of the tier one exchanges based on market cap and trading volume. That doesn't define it as best security or coordinated.

Perhaps the expiration of those deposit wallet addresses is nothing strange, or would you have suggested if they didn't tell any of their users if there were any changes in their exchange? I might not be aware of the real reason why they renewed those deposit addresses, but for about two years that I have used Binance, I have not received any wallet expiration messages, so I believe there was a valid reason why they made those changes.

Husires

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Did you read the last advertisement, or is it an analysis from you, because there is no news in it about any loss of money related to it, and therefore there is no effect. In the end, this is not a hack or a reporting of the loss of money.

Binance has a long history of activities that may be more dangerous than this such as not having their headquarters, trying to hide their location of registration, their problems with US regulations, a lot of abuse claims, listing some fraudulent coins, and causing FTX drama.

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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
Well coordinated and organized centralized exchange globally,

This is the first mistake, my friend. There is no secure central exchange at all. Perhaps Binance has a better reputation than the rest of the central exchanges, but in the end they are all not safe.
Binance simply blocked me, do you consider it safe?

Darker45

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As Binance has explained, this is supposed to be for the enhancement of their technology infrastructure. So if that's what it is, then there's no problem. It is for the improvement of the platform's services and security.

And it's also good that even with an expired address you can still receive your deposits, although with additional clicks. But it's not really a hassle.

What concerns me, however, is when Binance disables this "click to credit" function. It's not a matter of if; it's a matter of when. It will eventually happen. I hope Binance will issue an announcement long before they will finally remove this function. Surely, there will still be stuck funds though. Will they be Binance's already?

Nheer

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Quote from: Obari on May 19, 2023, 06:54:23 PM

There shouldn't be any course for alarm nd I've also raised a similar topic in the past week and I don't think there will any harm if coin is sent to the old address but I also think that binance should simply just do an automatic change in the address without having to keep the minds of its customers restless.

I also think based on the responses I got on my thread that there might still be an option for one to transfer their funds from the previous address to the new one just incase the need be.

I sincerely hope it has no adverse effects or results in anyone losing money. I was astonished to see that my address will soon expire and I also questioned whether one could access coins sent to an expired address. I believe Binance will automatically offer a new address when the current one expires, and the notification will only serve to inform customers of the address change. I have no doubt that Binance would have thought of ways to prevent any potential outcomes that would have caused their consumers to lose money while an upgrade is ongoing and would not have wanted to harm customers in any way.

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
Well coordinated and organized centralized exchange globally,

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.

Similar topics have been discussed before, and if you review past discussions, you may find some valuable insights. It seems that someone has already provided you with a link to a previous discussion. I think there's no need to worry because Binance is a reliable exchange and would not want its clients to experience any financial loss.

Not your key not your BTC

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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
Well coordinated and organized centralized exchange globally,

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.

who does stupid people still save in exchange?

BlackBoss_

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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.

As a user, you must follow announcement from the exchange. Wallet expiration, address changes are only two of many changes on one exchange when it operates many years.

I don't see effect from this for careful people as it only changes your receiving address. Like when you create your account, receiving addresses won't be created instantly for your account. You must click on Create to get one receiving address so the same for change address. You don't lose your cryptocurrency in your account even you don't touch your new receiving address.

But it is different if you want to make deposits to your account by yourself or in a trade with other partners. You must get your receiving address, a new one, with this wallet upgrade from Binance.

Kemarit

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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
Well coordinated and organized centralized exchange globally,

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.

There will be no effect from their current users or to those who are going to make an account on them.

And they are not short of notifying users about the said upgrade, and they are still willing to help those who unfortunately forget about this and send it to their old address.

Everything is laid out here: https://www.binance.com/en/support/faq/why-is-my-deposit-address-being-retired-853aaedc7f45430283abc7a25713c428

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.
You'll receive an email if your deposit address and memo are affected. We strongly encourage users to retrieve a new deposit address upon receiving the email.

Bitcoin_Arena

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By "expiring" they probably mean they are trying to change to a new wallet with a new set of seeds or keys and leaving the old one which is a good security practice. So when they see the address is "expiring", it is not actually expiring but they are discouraging you from using it in the future

Kucoin did such a thing in the past when they got hacked so it's no surprise.

If you notice, Ethereum and tron addresses on Binance are the ones being retired. I think the new addresses that are being implemented are an upgrade from the ones that were prone to the zero value transaction scam that has been going on for a while.

Obari

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There shouldn't be any course for alarm nd I've also raised a similar topic in the past week and I don't think there will any harm if coin is sent to the old address but I also think that binance should simply just do an automatic change in the address without having to keep the minds of its customers restless.

I also think based on the responses I got on my thread that there might still be an option for one to transfer their funds from the previous address to the new one just incase the need be.

Nwada001

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I don't think their will be any form of negative impact which the change of address can actually cause, I believe the change of address is as a result of their security upgrade on those listed network, and for the time being notification were all forwarded to all their users which is enough reason and time for them to go claim their new address.

Their are already lots of threads regarding this Binance change of address, using the forum search button would have been nicer and saved you repeated topic Creation..

I will advice you lock up this thread in other not to take the discussion any more further.

Edit:
[Binance] Address expiration?
Binance User

Lordsilvabtc

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If you've been on Binance over the years, you could
Probably discover that in simple terms it is the most secured
Well coordinated and organized centralized exchange globally,

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.

Topic: Effects of Binance Changing Wallet Addresses - page 2. (Read 315 times)