- In its forthcoming wallet upgrade, Binance plans to retire some XRP deposit addresses and memos within Q3 2023, advising affected users to secure new ones.
- The update is to improve safety and efficiency, although not all XRP users on Binance need to obtain new deposit details.
Binance’s Wallet Upgrade: Implications for XRP Users
Binance, the world’s leading digital asset exchange, plans to alter deposit addresses and memos of certain cryptocurrencies, including XRP, as part of its overall wallet infrastructure upgrade. This development, reported by premier media platform Wu Blockchain, aims to boost the security of users’ funds and improve overall efficiency.
This modification implies that some existing deposit addresses and memos used for XRP receipt into Binance accounts will become less functional or expire within Q3 2023, specifically between July and September. However, Binance has emphasized that not all XRP users on its platform need to secure new deposit addresses and memos. It advised those who don’t receive official notifications to continue using their current deposit addresses.
Addressing XRP User Compliance
The exchange plans to inform affected XRP users via direct email notifications ahead of the expiry dates of their respective XRP deposit addresses and memos. On receipt of this notification, the exchange strongly recommends that these users obtain new addresses and memos to ensure seamless XRP transfers into their Binance accounts.
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Depositing XRP using expired addresses will require extra steps from September 2023. Although funds sent to these addresses won’t be lost, users will need to manually credit these deposits via the “Transaction History” page on Binance’s app or website. This manual process implies that XRP tokens sent to expired deposit addresses will not be automatically credited to the user’s account.
In related news, Binance has updated its Proof of Reserves (PoR). The latest data suggests the exchange holds over 2.69 billion XRP tokens, signaling a sizable number of XRP holders utilizing the exchange.
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