Binance has announced that it will temporarily suspend deposits and withdrawals of Cardano (ADA) on September 1st, 2024, in support of the highly anticipated Chang hard fork and network upgrade ¹. This move is aimed at ensuring a seamless transition and preventing any potential disruptions to ADA transactions.
The Reason Behind the Suspension
The Chang hard fork was initially scheduled for August 27th but was postponed to September 1st to allow more time for cryptocurrency exchanges like Binance to prepare ¹. Cardano's founder, Charles Hoskinson, announced the delay, citing the need for platforms to be fully ready for the upgrade.
What to Expect
During the suspension, ADA trading will continue uninterrupted ². Binance will handle all technical requirements for users holding ADA in their accounts, ensuring a smooth transition. The upgrade will not result in new tokens being created, and deposits and withdrawals will be reopened once the upgraded network is deemed stable ³.
Industry-Wide Support
Binance is not the only exchange supporting the upgrade. Other leading cryptocurrency exchanges like Binance US, Coinbase, Bubit, KuCoin, HTX (formerly Huobi Global), and Kraken have also announced their support for the Chang hard fork ¹.
The Impact on ADA Holders
The Chang hard fork is not expected to directly impact ADA holders. However, the upgrade may have indirect effects, such as improved staking rewards and enhanced security due to decentralization.
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