Binance to Retire Existing Deposit Addresses for IOTA, Here's Reason

u.today 29 April 2025 16:53, UTC

Exchange

In a recent update shared on social media platform X, Binance.US, the American arm of major crypto exchange Binance, has made it known that it will retire existing deposit addresses for $IOTA as part of its support for the upcoming $IOTA mainnet upgrade.

Important update from @BinanceUS ⤵️ https://t.co/ZpfTlqwI6A
— $IOTA (@iota) April 29, 2025

In a recent X article, Binance.US announced its support for the upcoming $IOTA network mainnet upgrade, scheduled to take place on May 5, 2025, from 3:00 a.m. EDT. In preparation for the upgrade, Binance.US indicated that it will retire existing deposit addresses for $IOTA a few days before, on May 2, 2025, at 11:00 p.m. EDT and provide new ones after the upgrade is complete. To avoid the permanent loss of funds, users are urged to complete all $IOTA deposits before this date.

According to Binance.US, deposits and withdrawals for $IOTA will be suspended starting May 2, 2025, at 11:00 p.m. EDT. Users are urged not to deposit $IOTA to prevent the permanent and irreversible loss of funds, as deposits for $IOTA made or in progress after this time might not be credited to accounts. Also, if an existing deposit address has been saved or put on a whitelist, it should be removed, as it will be retired. It stated that new deposit addresses for $IOTA will be provided within a week of the mainnet upgrade being completed.

$IOTA Rebased network upgrade

As previously reported, the $IOTA Rebased network upgrade is scheduled to take place on May 5, 2025. This marks a historic shift as the network migrates from the current Stardust architecture to the all-new $IOTA network.

The new network would be birthed through a Genesis Ceremony with 13 validators. The $IOTA Rebased upgrade would include a carefully planned ceremony led by the $IOTA Foundation and an initial group of 12 other validators.

While trading on exchanges will continue uninterrupted, users should note that $IOTA token deposits and withdrawals might be temporarily paused during the upgrade and prepare accordingly. These services are expected to resume shortly when the upgrade is completed.