The renowned cryptocurrency exchange BitMEX has announced a substantial change in customer Bitcoin deposit addresses, set to take effect on November 1, 2023.
BitMex will reissue all customer Bitcoin deposit addresses with P2WPKH, Bech32 format addresses also known as bc1 address.
The switch to the pay-to-witness-public-key-hash (P2WPKH) format, native Segregated Witness (SegWit), aims to enhance the user experience by reducing withdrawal fees and optimizing Bitcoin block space.
Starting January 1, 2024, BitMEX will no longer provide real-time crediting for funds sent to the old addresses, although they will still maintain support for them periodically.
BitMEX is urging its users to update their stored exchange wallet addresses on other services and whitelist the new addresses to avoid any disruptions.
This address update mirrors common industry practices, as exemplified by Binance’s infrastructure upgrade in April 2023, where they disabled old deposit addresses for various blockchain networks like Ethereum and TRON.
Also Read: Binance Upgrade: Deactivate Certain Deposit Addresses
Such proactive measures ensure that exchanges remain aligned with the latest developments and continue to offer efficient and secure services to their users.
