Segwit Address expires in Binance?

[Odohu]

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.

[milewilda]

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.

[Yamane_Keto]

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.

[Jamal Aezaz]

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.

[Power420]

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.

[robelneo]

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.

[Aanuoluwatofunmi]

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.

[famososMuertos]

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...

[Kemarit]

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.

[Litzki1990]

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.

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.

[Z-tight]

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.

[kulkhan]

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.

[MUGNIA]

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)

[Papusha20]

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.

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.

[Stompix]

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" ?