he renowned cryptocurrency exchange BitMEX has announced a substantial change in customer Bitcoin deposit addresses, set to take effect on November 1, 2023.

The switch to the pay-to-witness-public-key-hash (P2WPKH) format, native Segregated Witness (SegWit), with addresses bearing the “bc1” prefix, 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.

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