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Binance discloses that some existing XRP deposit addresses and memos will expire within the third quarter of 2023, urging affected users to obtain new ones for ease of transfers.
The world’s largest digital assets exchange and leading blockchain ecosystem, Binance has set out to modify deposit addresses and memos of some cryptocurrencies, including XRP. Wu Blockchain, a top media platform, publicized this update on Twitter today.
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
Per the announcement, the existing deposit addresses and memos used by some users to receive XRP into their Binance accounts will expire (or become less functional) between July to September 2023.
This development is part of the exchange’s overall wallet infrastructure upgrade, which aims to ensure the safety of users’ funds and improve efficiency.
Accordingly, the exchange has urged impacted users who receive notifications to obtain new deposit addresses and memos before the expiration dates of their existing ones. That is, not all XRP users on Binance are required to obtain a new deposit address and memo.
“Please continue using your current deposit address if you have not received an official notification from Binance,”the team said.
XRP Users Urged to Comply
Per the updated announcement, Binance will notify its affected XRP users appropriately via direct mail. The email notification will be sent before the respective expiry dates of their XRP deposit addresses and memos.
As stated by the team, the expiry date of old XRP deposit addresses will be stated in the notification. Old deposit addresses will expire upon obtaining a new address.
“It is strongly encouraged that all impacted users obtain a new address and memo upon receiving the notification,” part of the disclosure read. This is to ensure swift movements of XRP tokens into their Binance accounts, as using expired addresses to receive XRP would require extra processes from September 2023.
While funds deposited into expired addresses will not be lost, Binance stated that users must manually credit these deposits using the “Transaction History” page of its app or website.
This means XRP tokens sent to expired deposit addresses on Binance would not be automatically credited to the customer’s account.
As reported today, Binance has also updated its Proof of Reserves (PoR). The latest data indicates that the exchange holds over 2.69 billion XRP tokens, indicating the magnitude of XRP holders leveraging the exchange.