Binance Announces Wallet Upgrade and Transition Process
Binance has announced a wallet infrastructure upgrade that will involve the retirement of selected deposit addresses and memos. The upgrade aims to enhance efficiency and fund security. As a result, Binance users will need to create new wallet addresses in the coming months. The transition process will occur in stages and will encompass different cryptocurrency networks such as Bitcoin, Ripple, Solana, Litecoin, Polkadot, Avalanche, Cardano, and more. Users transacting in these cryptocurrencies will receive individual email notifications and will be required to generate new addresses and memos, if applicable. The migration is scheduled for the third quarter of 2023, and users are advised to continue using their current deposit addresses until they receive an official notification from Binance to switch to new addresses and memos.
Key Points:
– Binance is upgrading its wallet infrastructure for enhanced efficiency and fund security.
– Users will need to create new wallet addresses in the coming months.
– The transition process will occur in stages and will cover various cryptocurrencies.
– Users will receive individual email notifications and must generate new addresses and memos, if applicable.
– The migration is scheduled for the third quarter of 2023.
Binance Assures Funds Safety and Manual Crediting
Binance assures users that funds deposited at expired addresses will not be lost. Instead, users can manually credit these deposits through the “transaction history” page on Binance. The new system will no longer automatically credit deposits made to expired addresses. To acquire new deposit addresses and memos, users can access their accounts through the official Binance app or website.
Binance.US Market Share Declines Due to Ongoing Lawsuit
Binance.US, the United States wing of CZ’s exchange, has reportedly experienced a significant drop in its market share, exceeding 20%, due to an ongoing lawsuit initiated by federal financial regulators. The market share declined from over 22% in April to approximately 0.9% as of June 26. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in June against Binance.US, Binance, and its CEO Changpeng “CZ” Zhao, alleging their operation as an unregistered securities exchange. The Commodity Futures Trading Commission had previously lodged a comparable lawsuit against Binance and CZ in March.
Hot Take:
Binance’s wallet infrastructure upgrade and transition process aim to enhance efficiency and fund security for its users. However, the ongoing lawsuits against Binance.US have resulted in a significant decline in its market share. It remains to be seen how these legal challenges will impact the future of the exchange and its operations in the United States.
By
By
By
By
By
By