Segwit Address expires in Binance?

[Power420]

Have just opened my Binance account now and got a notice about my Segwit wallet address is going to be expired , what does this mean ?



Thank you for the answers guys Hope i can get better response from knowledgeable posters.

The authorities will never send such messages if the wallet is newly created from the original Binance Exchange. So you must verify that the place where you created the account is Binance Exchange. It may be phishing that most people fall victim to these scammers these days. Because scammers use different methods to fool people. So you should verify and complete the transaction by checking the Seguit address well.

[KingsDen]

Have just opened my Binance account now and got a notice about my Segwit wallet address is going to be expired , what does this mean ?



Thank you for the answers guys Hope i can get better response from knowledgeable posters.

The authorities will never send such messages if the wallet is newly created from the original Binance Exchange. So you must verify that the place where you created the account is Binance Exchange. It may be phishing that most people fall victim to these scammers these days. Because scammers use different methods to fool people. So you should verify and complete the transaction by checking the Seguit address well.

I do not think that it is a phishing attempt. The message is from Binance. The fastest way for Op to know if it's from Binance is that he should still deposit in the old address and it will not immediately reflect in his portfolio. Then he will go and confirm the transaction manually. If this is done, you will be 100% sure that the address is already expired by Binance.

There are alot of reasons why CEXs expire addresses, ranging from hack attempts to a way of mitigating the transaction fees on the blockchain.

[Husna QA]

Have just opened my Binance account now and got a notice about my Segwit wallet address is going to be expired , what does this mean ?



Thank you for the answers guys Hope i can get better response from knowledgeable posters.

The authorities will never send such messages if the wallet is newly created from the original Binance Exchange. So you must verify that the place where you created the account is Binance Exchange. It may be phishing that most people fall victim to these scammers these days. Because scammers use different methods to fool people. So you should verify and complete the transaction by checking the Seguit address well.

Changes to deposit addresses on Exchange are common for several reasons. Therefore, every time you make a deposit, you need to pay attention to the address listed because it could change at any time, whether there is a notification via system message or an open announcement* without a message to each user affected by the address change.

If you are worried that the message is phishing, then do not open any of the links provided there. You just need to check the deposit address on the official Binance website after the expiration date has passed when you want to make a deposit, and don't force a deposit to the old address if there is a change of address.

* Here is an example of a deposit address change announcement on one of the cryptocurrency exchanges in my country (Indonesia):
https://blog.indodax.com/en_US/pembaruan-alamat-eth/

[bitmover]

But of course, exchanges carry out periodic maintenance and can change users' deposit addresses for any reason.

Yes, and this can even act as a warning to people who use centralized exchanges as 'crypto banks', these exchanges control any money you deposit into their platform, they can change you address at will, confiscate your funds, refuse to process deposits into your account etc. If you are storing funds in an exchange, move it out and into your self custodial wallet.

I agree with that. This is the safest atitude we can have.
Exchanges may be forced by authorities to freeze your funds and demand e
additional documents to release your funds...
Or they can be hacked or whatever.

[Charles-Tim]

I do not think that it is a phishing attempt. The message is from Binance. The fastest way for Op to know if it's from Binance is that he should still deposit in the old address and it will not immediately reflect in his portfolio. Then he will go and confirm the transaction manually. If this is done, you will be 100% sure that the address is already expired by Binance.

To deposit coins on the exchange is not necessary. Just use the official URL on the browser that you are using for the exchange and login to your account, or use the mobile phone app for it. Go to your deposit and you will see your segwit address that have changed. This is what I told some people that asked me question about it. No need to do anything outside of the exchange and no way to attack you by hackers if you do the simple step.

[Z-tight]

There are alot of reasons why CEXs expire addresses, ranging from hack attempts to a way of mitigating the transaction fees on the blockchain.

I don't think exchanges changing deposit address on their platform has anything to do with fees, they usually do not charge you for deposit, and you have to cover the fees to deposit into their platform. Now when you want to withdraw, there is a fixed withdrawal fee you pay, of which the exchange will combine many withdrawal requests and process them in one tx, covering the on-chain fees themselves.

[MrSpasybo]

Changes to deposit addresses on Exchange are common for several reasons. Therefore, every time you make a deposit, you need to pay attention to the address listed because it could change at any time, whether there is a notification via system message or an open announcement* without a message to each user affected by the address change.

If you are worried that the message is phishing, then do not open any of the links provided there. You just need to check the deposit address on the official Binance website after the expiration date has passed when you want to make a deposit, and don't force a deposit to the old address if there is a change of address.

Yeah, this is just a part of the CEXs' operation and does not create any risks. In case the token is sent to the old address, users can still claim it manually, I have encountered this situation a few times and have not lost my crypto assets.

In case of receiving a notification from the CEX via email, we just need to access the account on the application and check the deposit address again. One more thing to note is that every time we deposit money to the CEX, we need to check the deposit address again to avoid any trouble. When sending a donation/donation address that has long-term value, I think a personal onchain address is more suitable than a deposit address on the CEX.