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Binance announces support for the Cardano network upgrade

FX Street
Updated:
  • The exchange noted that ADA withdrawals and deposits had been suspended from 20th February at 4:00 PM (UTC). 
  • Binance also informed users that a new digital token will not be launched in the scheduled ADA network upgrade.

Binance has recently announced its plan to support the upcoming Cardano (ADA) network upgrade. According to Binance’s, ADA withdrawals and deposits have been suspended from 20th February 2020 at 4:00 PM (UTC). The suspension will be removed as soon as the upgraded network is stable. 

During Cardano’s network upgrade, it will incorporate the Ouroboros BFT consensus algorithm to support the launch of the Shelley mainnet. This upgrade will cause a fork in Cardano’s protocol, which, according to their development team, is “a planned and managed protocol upgrade.” In its report, Binance informed its users that this split would not create a new digital token. The exchange also reassured that it will carefully handle all the technical requirements involved for the users who hold ADA in their Binance accounts. 

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