BitMEX Introduces Modifications to Bitcoin Addresses for Customers

BitMEX to Change Bitcoin Deposit Addresses

Cryptocurrency exchange BitMEX has announced that it will be changing all of its customer Bitcoin (BTC) deposit addresses starting from November 1, 2023. The Seychelles-based platform will switch to pay-to-witness-public-key-hash (P2WPKH) addresses, also known as native SegWit, which will have the bc1 prefix.

The change is aimed at reducing withdrawal fees for users and improving the use of Bitcoin block space. However, BitMEX assures customers that the update will not significantly impact wallet security as the signature scheme is already used for hot withdrawals.

From January 1, 2024, BitMEX will no longer credit funds sent to the old addresses in real-time. While the exchange will continue to work with the old addresses periodically, users are advised to update their exchange wallet addresses stored in address books on other services and whitelist the new addresses.

Keeping Up with Updates

This change in deposit addresses is a common practice among exchanges to stay up-to-date with the latest developments. Binance, for example, disabled multiple old deposit addresses for various blockchain networks in April 2023 as part of its infrastructure upgrade.

Hot Take: BitMEX Adopts New Bitcoin Deposit Addresses

Cryptocurrency exchange BitMEX is implementing a change to all customer Bitcoin deposit addresses, which will take effect from November 1, 2023. The move aims to reduce withdrawal fees and optimize Bitcoin block space usage. By adopting pay-to-witness-public-key-hash (P2WPKH) addresses, BitMEX expects no major impact on wallet security since this signature scheme is already utilized for hot withdrawals. However, users should be aware that funds sent to old addresses after January 1, 2024, will no longer be credited in real-time. BitMEX advises users to update their exchange wallet addresses stored in address books on other platforms and whitelist the new addresses. This change is part of BitMEX’s effort to keep pace with the evolving crypto landscape, a practice common among exchanges.