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

By Lujan Odera
Published February 20, 2020 Updated February 20, 2020
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Just In: Binance Exchange Suspends Cardano (ADA) Deposits & Withdrawals To Support Upgrade

By Lujan Odera
Published February 20, 2020 Updated February 20, 2020

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.

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
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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