Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: bitterguy28 on January 30, 2024, 12:04:09 AM
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
Thank you for the answers guys Hope i can get better response from knowledgeable posters.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
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 ;D)
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
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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.
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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 ;D)
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.
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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.
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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.
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
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.
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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.
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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 don't think the expiration of Segwit address in Binance has been confirmed to be true because the messages they sent was not to all users but some. I know some who got the message and some who didn't, what I don't know is why they sent to those who received and how long the address will be used before it will need to be changed.
Nevertheless, I do not see it as a problem because funds sent to the old addresses will not be lost, just that they need to be authorised manually. I remember they did this same thing for their USDT (TRX20) addresses and this did not generate much noise like this case of BTC.
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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 ?
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Thank you for the answers guys Hope i can get better response from knowledgeable posters.
Yes, they do have that kind of expiry when it comes to those deposit address. I have been able to experience 3x already on replacing my BTC deposit address in Binance
in all the years ive been using up the platform.
Is this really that an issue? No its not, if you do make use of these addresses to be your payment address then you could always
request on having those changes if ever Binance prompt you or given you a new address. Dont know on whats the actual reason on why they did this
or really just that simply their own ways and methods on handling up their platform.
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Is this really that an issue? No its not, if you do make use of these addresses to be your payment address then you could always
request on having those changes if ever Binance prompt you or given you a new address. Dont know on whats the actual reason on why they did this
In fact, this is a problem because at some point the old addresses will be invalid and sending coins to them means losing your money.
Therefore, you are forced to verify the validity of the deposit address every time you want to deposit to your account.
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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.
I think you didn't read the whole msg in the op. sending to old address does not mean loosing money at all. they just need to be manually processed.
I also agree that it is better to always use a new address. but sometime your old clients and signature campaigns have old address and you don't want to change them. in that case there is nothing to worry about. old addresses will still work.
and no it is not same as creating a new wallet.
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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.
Bitcoin or any asset exchange sites are the most dangerous. Because they can move my account and change the address basically the whole control will be in their control. Exchange sites are verified by KYC ID card due to which it is not completely secure. Therefore, if you want to deposit money, it is better to store it in hardware wallet or software, among which non-custodial wallet is the most important. Especially if you use Electrum wallet and Safepal wallet among all the software, you can be the most secure. Many of these are owned and controlled only by you.
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Is this really that an issue? No its not, if you do make use of these addresses to be your payment address then you could always
request on having those changes if ever Binance prompt you or given you a new address. Dont know on whats the actual reason on why they did this
In fact, this is a problem because at some point the old addresses will be invalid and sending coins to them means losing your money.
Therefore, you are forced to verify the validity of the deposit address every time you want to deposit to your account.
We must get into the habit of doing that in fact we should not take notes or keep a copy of addresses that are on exchange because they can change that anytime and sometimes you miss the update and that's where you lose your coins.
The only address that you need to keep and take note are addresses where you hold the private keys, but if it's from a centralized exchange always forget it.
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Binance have taken their time to be doing this from time to time and I don't think this is their first time of changing user's deposit wallet address, from them, they said it's a measure to help build more security frame to protect their users from any form of attack that may comes in through the wallet addresses, from here, the user can still have the opportunity of receiving into old wallet address for a specific time and claim their fund before the elapsed time the old one will be useful anymore, they ensure passing on this information on every users account.
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If there is one thing Binance should do, it is that the address is changed immediately after receiving a deposit, but being Cex they care zero.
Nothing happens, it's just good that you update your old address where you have it embedded with the new one, since any deposit to your old address must be done manually to new bc...
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Nothing new here, being a Centralized Exchange and you don't have control over your Bitcoin address and Private key, there are times that they will notify you of a change,
Why Is My Deposit Address Being Retired?
2023-04-18 08:55
Binance continuously upgrades its wallet infrastructure to provide better efficiency and fund security for users. As such, we’re retiring deposit addresses and memos still on the old infrastructure in batches.
You'll receive an email if your deposit address and memo are affected. We strongly encourage users to retrieve a new deposit address upon receiving the email.
https://www.binance.com/en/support/faq/why-is-my-deposit-address-being-retired-853aaedc7f45430283abc7a25713c428
Hopefully the OP have done it already so that he can avoid future inconvenience. And so for others as well if they received a official e-mail from Binance.
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
Thank you for the answers guys Hope i can get better response from knowledgeable posters.
You don't need to get too excited about this. For security reasons, some exchanges sometimes change deposit and withdrawal addresses and add new addresses to everyone's account. What was in your wallet will remain unchanged only your address will change. If you have used previous address somewhere and if update adds new address then you have to use new address by deleting old address. You don't need to get too excited for this simple task, it's quite normal.
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The only address that you need to keep and take note are addresses where you hold the private keys, but if it's from a centralized exchange always forget it.
This is true, if you keep the address to your self custodial wallet somewhere and only copy it and send it to whoever wants to make payments to you, then you are sure that it is your wallet that cannot be changed by any third party and you will receive the funds. However, take note that if you use only one address to receive funds all the time, it is very bad for your privacy, whenever you want to receive BTC, especially from different sources, then you should go to your wallet software and get a fresh and unused address.
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I am using Binance since 2019 and i saw this kinds of problem some times. But Don't afraid it is happen for system upgradation i think. I think after upgradation all will fine Again. And it could be for blockchain technology. We know for blockchain bitcoin address change sometimes..
Even i think if you use your old wallet address your fund will safe. Binance Segwit old address you can use now. Your fund will receive safely i think.
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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.
Usually changes of address are like that, previously there was an attempt to hack or not a crime on the exchange, from several exchanges that I have used and have experienced hacking, I was always asked to change the wallet address when I wanted to make a transaction, (only as far as I know, sorry if I'm wrong)
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
Thank you for the answers guys Hope i can get better response from knowledgeable posters.
You don't need to get too excited about this. For security reasons, some exchanges sometimes change deposit and withdrawal addresses and add new addresses to everyone's account. What was in your wallet will remain unchanged only your address will change. If you have used previous address somewhere and if update adds new address then you have to use new address by deleting old address. You don't need to get too excited for this simple task, it's quite normal.
We can usually use hard wallets to store bitcoins, you Binance Segwit address is not safe to deposit bitcoins. Because Bitcoin is the most suitable coin to store for a long time, this coin should not be neglected. Usually Binance wallets are controlled by others, so keeping bitcoins in these wallets is always a risk.
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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.
No, you will no lose any money, Binance will still own the keys for those addresses!
And their "upgrade" is partially getting rid of hundreds of wallets that are just consuming resources with both inactive addresses and one with huge history , so rather than taking care of all those they will just issue new ones , pretty much like a windows install.
If they would have just upgraded the system nothing would have stopped them to keep those active, it's just a line in a database, nothing more, but each one of the older ones come with maybe 1000 cells in the activity.
In fact, this is a problem because at some point the old addresses will be invalid and sending coins to them means losing your money.
How does an address become "invalid" ? ;D
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
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.
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
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.
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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 ?
(https://i.imgur.com/ppbuBP4.jpeg)
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/ (https://blog.indodax.com/en_US/pembaruan-alamat-eth/)
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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.
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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.
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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.
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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.