Just In: Binance Exchange Suspends Cardano (ADA) Deposits & Withdrawals To Support Upgrade

20 Feb, 2020

By Lujan Odera

Contributor

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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Binance exchange announces a temporary suspension of Cardano (ADA) deposits and withdrawal services on its platform, pending the upgrade of the blockchain. An announcement on the official Binance blog further confirms Binance’s support of the upcoming Cardano upgrade as the cause of the halt.

All deposits and withdrawal services on ADA will be suspended starting 2020/02/20 4:00 PM (UTC). The suspension will not affect trading on the platform during the upgrade, the post concluded.

The post further asks the ADA traders to “leave sufficient time for deposits of ADA to be processed in full prior to the above cut off time.” Users are not required to do anything, with Binance handling the technical requirements to upgrade the system.

#Binance Will Support the Upcoming Cardano $ADA Network Upgradehttps://t.co/6ow5NkTSPB pic.twitter.com/F5pX5ZqLOE

— Binance (@binance) February 20, 2020

The Cardano network is scheduled to undergo a network upgrade today, improving the consensus algorithm to Ouroboros BFT, in support of the launch of the main net Shelley upgrade. The intermediate upgrade will cause a chain split on Cardano that the development team say is “a planned and managed protocol upgrade.”

The chain split will not form any new coins and Binance is expected to reopen the withdrawals and deposits of ADA once the upgrade is tested and proves stable.

The price of ADA is reacting negatively following the announcement of the upgrade on Feb. 19. ADA trades at $0.057 USD, representing a 10% plummet from intraday highs on Wednesday.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.