Binance to Retire XRP Addresses in Upcoming Wallet Upgrade

Binance, the leading crypto exchange, will modify deposit addresses and memos for certain cryptocurrencies, including XRP. This announcement was made and shared on Twitter by Wu Blockchain, a renowned media platform.

Binance has been upgrading its wallet infrastructure and will be retiring selected deposit addresses and memos in batches by networks. Network addresses scheduled for migration in Q3 (July – September 2023): BTC BCH XRP SOL XMR LTC ADA DOGE DOT FIL ALGO AVAX and more.…
— Wu Blockchain (@WuBlockchain) July 6, 2023

XRP users who receive XRP in their Binance accounts should take note of the recent announcement. Binance has stated that some users’ current deposit addresses and memos will either expire or become less functional between July and September 2023. This change is part of Binance’s efforts to upgrade its wallet infrastructure to enhance fund safety and operational efficiency.

To ensure a seamless transition, Binance has advised impacted users who receive notifications to obtain new deposit addresses and memos before their existing ones expire. It is important to clarify that not all XRP users on Binance must obtain new deposit addresses and memos, but only those who have received specific notifications from the exchange.

Binance Notifies XRP Users About Expiring Deposit Addresses and Memos

In accordance with an updated announcement, Binance has implemented a notification system to inform its affected XRP users directly via email. These notifications will be sent before their XRP deposit addresses and memos expire.

The notification email will specify the expiry date of the old XRP deposit addresses, emphasizing the need for users to obtain new addresses. It is strongly advised that impacted users follow this recommendation promptly upon receiving the notification. Failure to do so could result in additional processes required to receive XRP tokens into their Binance accounts starting September 2023.

While funds deposited into expired addresses will not be lost, Binance has clarified that users must manually credit these deposits using the “Transaction History” page on the Binance app or website. Consequently, XRP tokens sent to expired deposit addresses on Binance will not be automatically credited to the user’s account.

In related news, Binance has recently updated its Proof of Reserves (PoR) data, revealing that the exchange currently holds over 2.69 billion XRP tokens. This signifies the significant presence of XRP holders leveraging the services provided by Binance.

At press time, XRP was trading at $0.4744 per token.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.