Binance Announces Retirement of XRP, DOGE, and ADA Deposit Addresses

Binance, the largest cryptocurrency trading platform, has revealed its plans to retire the deposit addresses and memos of several cryptocurrencies.

The affected tokens include popular coins such as Bitcoin (BTC), XRP, Dogecoin (DOGE), Avalanche (AVAX), Internet Computer (ICP), Solana (SOL), and Monero (XMR).

The retirement of these deposit addresses is scheduled to take place in the third quarter, spanning from July to September.

Binance aims to migrate the addresses in batches to ensure a seamless user experience and enhance platform security. The exchange plans to notify impacted users via email, providing guidance on the steps required to migrate their addresses.

While the retirement of deposit addresses may raise concerns for users, Binance reassures them that fund deposits into old addresses will not be lost. However, users may need to complete additional steps manually to ensure successful deposits.

Despite facing regulatory challenges in various jurisdictions, Binance is actively working to maintain its market dominance and prioritize user protection.

The exchange’s subsidiary, Binance.US, has faced regulatory scrutiny in the United States. By taking proactive measures to safeguard users’ holdings, Binance aims to retain trust and strengthen customer loyalty. These efforts may also contribute to stabilizing the exchange’s spot trading volume in the future.