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Title: Binance to Retire Existing Deposit Addresses for IOTA, Here’s Reason
Binance has announced that it will be retiring its existing deposit addresses for IOTA (MIOTA) on May 5, 2025. This decision comes in light of the upcoming IOTA Rebased network upgrade, which is scheduled to take place on the same date.
According to reports, the IOTA Foundation and an initial group of 12 other validators will be leading a carefully planned Genesis Ceremony for the upgrade. The new network architecture marks a significant shift from the current Stardust architecture, as it moves to the all-new IOTA network.
As a result, Binance will need to temporarily pause IOTA token deposits and withdrawals during the upgrade process. Trading on exchanges is expected to continue uninterrupted, with services resuming shortly after the completion of the upgrade.
The retirement of existing deposit addresses serves as a precautionary measure to ensure that users’ funds are secure throughout the upgrade. In a statement, Binance emphasized the importance of caution in this critical phase and urged users to prepare accordingly for the potential disruptions.
While trading on exchanges will continue uninterrupted, IOTA token deposits and withdrawals might be temporarily paused during the upgrade process.
This development is significant for the IOTA community, as it marks a major milestone in the network’s rebalancing process. The new architecture aims to improve scalability, reliability, and security, ultimately creating a more robust foundation for the ecosystem.
As always, U.Today will keep you updated on any developments related to this story.
Related articles:
* “IOTA Sets May 5, 2025, as Historic Date: What to Expect?”
Source: https://u.today/binance-to-retire-existing-deposit-addresses-for-iota-heres-reason
