Crypto exchange Binance has announced a significant overhaul of its wallet infrastructure. A comprehensive upgrade designed to boost fund security which will lead to the discontinuation of certain deposit addresses and memos.

In the coming months, Binance users will need to establish new wallet addresses as part of this upgrade. The transition will be implemented in stages across various cryptocurrency networks, including Bitcoin (BTC), Ripple (XRP), Solana (SOL), Litecoin (LTC), Polkadot (DOT), Avalanche (AVAX), Cardano (ADA), and others. Users transacting in these cryptocurrencies will receive individual email notifications, after which they will need to generate new addresses and memos, if applicable.

The migration is slated for the third quarter of 2023. However, Binance advises users to continue using their current deposit addresses until they receive an official notification to switch to a new address and memo.

Binance has assured its users that funds deposited into expired addresses will not be lost. Instead, these deposits can be manually credited by users through the “transaction history” page on Binance. The new system will mean that deposits made into expired addresses will not be automatically credited as before. Users can obtain new deposit addresses and memos by logging into their accounts via the official Binance app or website.