BitMEX Announces Changes To Customer BTC Addresses
Cryptocurrency exchange BitMEX is changing all of its customer Bitcoin (BTC) deposit addresses starting November 1, 2023. The platform will change its current format for BTC addresses to pay-to-witness-public-key-hash, suggesting all customer addresses will soon get addresses with the bc1 prefix.
This change will allow BitMEX to reduce withdrawal fees for users and improve Bitcoin block space usage. The signature scheme is already used for hot withdrawal processing, so the update will not bring a big change to wallet security.
Starting Jan. 1, 2024, BitMEX will no longer credit funds sent to old addresses in real-time, but will still work with them periodically. Users are advised to update their exchange wallet addresses stored in any address book on other services and whitelist the new addresses. This change is not new for exchanges, as Binance disabled multiple old deposit addresses for multiple blockchain networks in April 2023 as part of its infrastructure upgrade.
(With inputs from Shikha Singh)
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