Segwit Address expires in Binance?

[bitterguy28]

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.

[examplens]

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 ?

You don't need to worry about this. I think this is already the third or fourth time, at least as far as Binance is concerned (yes, I registered there quite a long time ago). It is about upgrading their system. If you expect an incoming transaction to your old Binance address, it will come to your account.
I'm not sure if this announcement of theirs is current for the current change, but it may give you some explanation of what it is about.
https://www.binance.com/en/support/announcement/existing-deposit-addresses-to-be-retired-in-q3-july-september-2023-ffbe37cbd85f46db8fe3021ee3f85eb3?

I would use this as a kind of warning, that exchanges are not used as a primary wallet or as a deposit address for various payments, earnings from signature campaigns for example. Exchanges are not wallet services, there you do not have complete control over your coins and you can very easily run out of these funds.
It is enough for them to publish a statement and send a notification.

[bitmover]

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 ?

You don't need to worry about this. I think this is already the third or fourth time, at least as far as Binance is concerned (yes, I registered there quite a long time ago). It is about upgrading their system. If you expect an incoming transaction to your old Binance address, it will come to your account.
I'm not sure if this announcement of theirs is current for the current change, but it may give you some explanation of what it is about.
https://www.binance.com/en/support/announcement/existing-deposit-addresses-to-be-retired-in-q3-july-september-2023-ffbe37cbd85f46db8fe3021ee3f85eb3?

The only address which I know really expires is the lightning network invoice.  They explicit say that the invoice will last for one hour. I never tried to send to an expired invoice... I don't recommend.

[Captain Corporate]

It has happened to me once before, but I do not know if that one is true or not because I just checked my binance account as well and there were no messages like that from the system at all. Doesn't mean its wrong, if you saw this on the website itself and you are certain that its the correct website then maybe they are rolling it it in batches of accounts instead of all, but make sure that you are on the same website. Because if that's a phishing website that is trying to take your deposit, that could be a very risky move, make sure the website is correct. All in all, like mentioned before, your old one will keep coming to you probably, you can test that out with a small amount.

[philipma1957]

It has happened to me once before, but I do not know if that one is true or not because I just checked my binance account as well and there were no messages like that from the system at all. Doesn't mean its wrong, if you saw this on the website itself and you are certain that its the correct website then maybe they are rolling it it in batches of accounts instead of all, but make sure that you are on the same website. Because if that's a phishing website that is trying to take your deposit, that could be a very risky move, make sure the website is correct. All in all, like mentioned before, your old one will keep coming to you probably, you can test that out with a small amount.

I wondered if it was a clever hack attempt or fishing. I advise the op to be very careful. I also think you were to right to suggest it could be false.

I have binance.us and in six years never got that message.

[Yamane_Keto]

They are updating their deposit and withdrawal system and the old addresses may not be valid to receive new payments even though they are valid addresses. It is similar to when you download a new wallet and stop using the old one, as bitcoin you sent to the old wallet will not appear in the new wallet.
Sending to old addresses may mean losing your money, so stop sending to them and check your account address before sending to it every time you want to deposit.

[Charles-Tim]

I wondered if it was a clever hack attempt or fishing. I advise the op to be very careful. I also think you were to right to suggest it could be false.

You are right, scammers will try to take advantage of what is recently happening. That could be a phishing message. But he can just go to his Binance account to check if it is true or not. He do not need to open any email or something. Recently, Binance changed the bitcoin segwit address of some of their users. Legacy address is still the old one but only the segwit address was changed. If anyone mistakenly send money to the old address, it can be credited manually for now.

[Z-tight]

BTC addresses do not expire, but the address you use in your Binance account is not controlled by you and what the platform is doing here is simply changing your former address to a new one, and because they don't want you to deposit funds into the old address, they tell you that it is going to 'expire'. Funds deposited into the old address would be received by Binance, but it would not be automatically processed into your account.

Take note that Binance is a centralized exchange and so not your keys, not your coins. Use the platform to trade your coins if you wish, but do not store your funds in there.

[Jamal Aezaz]

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.

Yes they do exprie but there is nothing to worry about. All previous address will still work. as stated in the image above. you just need to manually complete the deposit.
I honestly don't know why binance did that. they could've kept same address for every users. they are just adding new addresses in the blockchain for no reason (unless they do have a valid reason  )
but for new deposits it is better to everytime copy your address from binance's deposit page.
I copy my address every time even for other altcoins. I know that the address will be same but I still copy that again every time just to be on safe side

[Nwada001]

I have read about this news, and it was not even everyone who uses Binance who was sent that email. My old Binance address still exists, and it's still what I'm using on Segwit. I don't know why they select a few accounts and change their addresses, but whatever the case, maybe I will advise you to take it seriously. But even if you mistakenly still use your old address, your account can still be funded manually.
 
For the time being, the news is legit, but anything that has to do with sending this or that, please take note of that, as the address, which I know changes automatically by themselves, and you don't need to do anything to get it unless you open your account and generate the new Segwit address.

[Z-tight]

Yes they do exprie but there is nothing to worry about. All previous address will still work. as stated in the image above. you just need to manually complete the deposit.

BTC addresses don't expire, neither do they stop working. However if you are using an address controlled by a custodial service, they can change your address into another one anytime.

they are just adding new addresses in the blockchain for no reason (unless they do have a valid reason  )

Creating or generating addresses doesn't mean you are adding them to the blockchain, it is mined BTC blocks that are added to the blockchain and not addresses.

[Yamane_Keto]

I have read about this news, and it was not even everyone who uses Binance who was sent that email. My old Binance address still exists, and it's still what I'm using on Segwit. I don't know why they select a few accounts and change their addresses, but whatever the case, maybe I will advise you to take it seriously. But even if you mistakenly still use your old address, your account can still be funded manually.

This may be related to their internal structure. I do not think that they have a single system for processing payments and withdrawals. There may be several systems in place (to avoid major hacking), and some of them may need updating.
You may receive the update late, but most people have reported this, so it is best to check the deposit address before depositing.

[yhiaali3]

BTC addresses don't expire, neither do they stop working. However if you are using an address controlled by a custodial service, they can change your address into another one anytime.

That's right, BTC addresses do not expire. There are Bitcoin addresses that have still existed since the creation of Bitcoin until now and receive Bitcoin without expiring.

But of course, exchanges carry out periodic maintenance and can change users' deposit addresses for any reason. For example, if they update the exchange, they can change the addresses. Also, if the exchange is hacked, they can change it. Or for any other reason.

[Uruhara]

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.

Last year I got the same message or notification. And a few months after the notification my Binance segwit address changed. It was just a reminder message that indeed your binance account Segwit address will be changed soon. And it's a common thing that happens quite often. And not only on Segwit addresses but also on some altcoin addresses sometimes the same thing happens.

But try to keep checking your segwit address on binance when you want to make a transaction to the previous address. And make sure the previous address has not been changed.

[Z-tight]

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.