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In a recent update shared on social media platform X, Binance.US, the American arm of major crypto exchange Binance, has made it known that it will retire existing deposit addresses for IOTA as part of its support for the upcoming IOTA mainnet upgrade.
In a recent X article, Binance.US announced its support for the upcoming IOTA network mainnet upgrade, scheduled to take place on May 5, 2025, from 3:00 a.m. EDT. In preparation for the upgrade, Binance.US indicated that it will retire existing deposit addresses for IOTA a few days before, on May 2, 2025, at 11:00 p.m. EDT and provide new ones after the upgrade is complete. To avoid the permanent loss of funds, users are urged to complete all IOTA deposits before this date.
According to Binance.US, deposits and withdrawals for IOTA will be suspended starting May 2, 2025, at 11:00 p.m. EDT. Users are urged not to deposit IOTA to prevent the permanent and irreversible loss of funds, as deposits for IOTA made or in progress after this time might not be credited to accounts. Also, if an existing deposit address has been saved or put on a whitelist, it should be removed, as it will be retired. It stated that new deposit addresses for IOTA will be provided within a week of the mainnet upgrade being completed.
IOTA Rebased network upgrade
As previously reported, the IOTA Rebased network upgrade is scheduled to take place on May 5, 2025. This marks a historic shift as the network migrates from the current Stardust architecture to the all-new IOTA network.
The new network would be birthed through a Genesis Ceremony with 13 validators. The IOTA Rebased upgrade would include a carefully planned ceremony led by the IOTA Foundation and an initial group of 12 other validators.
While trading on exchanges will continue uninterrupted, users should note that IOTA token deposits and withdrawals might be temporarily paused during the upgrade and prepare accordingly. These services are expected to resume shortly when the upgrade is completed.
Vladislav Sopov
Dan Burgin