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Top crypto exchange Binance has announced it will be retiring existing deposit addresses, which include that of Terra Classic (LUNC).
In an official blog post, Binance says it has been upgrading its wallet infrastructure to provide better efficiency and fund security to its users. As such, it is retiring deposit addresses and memos still on the old infrastructure in batches.
For improved security, #Binance is updating some user deposit addresses.
— Binance (@binance) April 18, 2023
All impacted users will receive an email notifying them of relevant updates.
Deposits made to old addresses will be retrievable through the Deposit History Page.
Learn more 👇https://t.co/8nxAqSuVS5
Due to this, current deposit addresses and memos on selected networks will be retired, and users are required to obtain a new deposit address.
In a table, Binance gives the list of network addresses scheduled for migration in Q2, 2023, that is, April to June 2023.
The LUNC network was among those utilizing the same deposit address and, thus, will expire. A new memo will also be required.
Also, networks AMB, ARBITRUM, AVAXC, BSC, CELO, CHZ, CTXC, ETC, ETH, FTM, GLMR, KLAY, MATIC, MOVR, OPTIMISM, REI, RON, RSK, THETA, TOMO, VET, WAN, WTC and XDAI were stated as utilizing the same deposit address and will expire.
Binance says it will send out email notifications in batches to impacted users. It urges impacted users to obtain a new address and memo (if applicable) upon receiving the notification.
Binance burns 1.6 billion LUNC in April
Last year, Binance announced changes to the burning of LUNC trading fees to continue to contribute to the decrease in the supply of LUNC and be in line with what the community originally looked forward to.
Binance now burns 50% of the LUNC spot and margin trading fees instead of 100%. This took effect in December 2022.
On April 1, Binance announced it had burned 1,612,903,453 LUNC worth $213,812, which covers fees from Feb. 28 to March 30, 2023.
The next batch of burns, batch 9, will be undertaken on May 2, 2023.