Binance To Change Terra Classic (LUNC) Deposit Addresses and Memos. Here’s the Significance

The popular crypto exchange which supports hundreds of crypto assets is set to modify the deposit addresses and memos (where applicable) of some cryptocurrencies including LUNC. 

To provide better efficiency and ensure the safety of users’ funds, Binance said on Tuesday that it would retire the deposit addresses and memos of selected crypto assets on its trading platform.  This comes as part of Binance’s wallet infrastructure upgrade and it said the development would be done in batches by the network. 

Terra Classic (LUNC) happens to be among the projects whose deposit address and memo would be retired for affected users. Per the announcement, Ethereum (ETH), Tron (TRX), Stellar (XLM), LUNA, and BNB are also included on the list of networks whose deposit addresses will be retired for users who are affected. 

According to Binance, it will send emails subsequently to affected users who need to change their deposit details for the mentioned crypto assets. While the specific date for this remains to be determined, the exchange noted that the migration of network addresses is scheduled to occur between April and June 2023. 

Part of the announcement said, “Only impacted users who receive notifications from Binance are required to obtain a new deposit address and memo (if applicable) before the expiry date. Expiry date of old deposit addresses will be stated in the notification. Old deposit addresses will expire upon obtaining a new address.”

But in a case where a user fails to obtain the new deposit details, Binance said funds sent to the old address will not be lost but will not be credited automatically. However, such users must have manually completed` the token deposit process through the transaction history page on Binance. 

On the other hand, users who do not receive official emails from Binance are told to continue using their current deposit address and memos for moving LUNC or any of the selected coins. 

This update comes amid a recent statement from the exchange CEO Changpeng Zhao that no stolen LUNC tokens from the unfortunate Terraport hack were sent to Binance.

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