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Binance exchange, the largest crypto trading venue in the blockchain ecosystem, has unveiled its plans to retire the deposit addresses and memos of a number of cryptocurrencies. According to the update shared today, the affected tokens include Binance (BTC), XRP, Dogecoin (DOGE), Avalanche (AVAX), Internet Computer (ICP), Solana (SOL) and Monero (XMR), among others.
According to Binance, the retirement of the impacted deposit addresses is slated to occur this third quarter from July to September. The timespan is intended to make room for the deposit addresses to be migrated in batches in order to provide the maximum experience possible for all users.
As one of the largest crypto trading venues per number of users, Binance’s proposed deposit address upgrade is scheduled to guard against any form of security risk on the platform. The exchange noted that the migration is for a selected number of users, and these impacted users will be notified via email on steps to take to migrate their address.
For XRP and other impacted crypto holders on Binance, the exchange confirmed that fund deposits into old addresses will not be lost but may require extra steps to manually complete the deposits.
Alex DovbnyaStrive for dominance
Despite its current woes in many jurisdictions, Binance exchange is doing all it can to maintain its market dominance across the board. As reported earlier by U.Today, the exchange's American subsidiary, Binance.US, has stumbled owing to the intense regulatory scrutiny it is facing.
With the parent company facing legal charges from the duo of the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), helping its users safeguard their holdings is one functional way to keep faith and retain trust with customers.
In a not-so-distant time, Binance's efforts might help it to slow down the rate of decline in its spot trading volume moving ahead.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin