Binance, the largest cryptocurrency trading platform, has announced plans to retire deposit addresses and memos for several cryptocurrencies, including BTC, XRP, DOGE, AVAX, ICP, SOL, and XMR. The retirement of these addresses is scheduled for Q3 2021, with the aim of migrating them in batches to ensure a smooth experience for users.

Binance has stated that the migration will only affect a select number of users, who will be notified via email. The move is intended to enhance security on the platform, as Binance faces regulatory scrutiny in several jurisdictions.