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Binance to support Cardano (ADA) hard fork despite its current regulatory hurdle

By:
on Sep 10, 2021
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  • As Cardano approaches the time of the launch of its new upgrade, it is receiving support from the industry.
  • Latest supporter on the list is Binance, which promised to halt all deposits and withdrawals during upgrade.
  • Binance urged users to leave enough time for such processes to be over, and halt new ones.

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Cardano is currently only two days away from its hard fork that will result in the launch of smart contracts on its mainnet. After years of development, the project is about to make one of the most important moves in its history, and the event is highly anticipated.

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As such, it has attracted all the biggest names in crypto, including Binance — the world’s largest exchange by market cap. According to the exchange, it plans to support the hard fork that Cardano (ADA/USD) will see over the weekend.

Binance announced its support of Cardano’s event yesterday, September 9th, via an official statement published on its website.

Details about the upgrade

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According to what is known, the upgrade is expected to start on September 12th, at around 21:45 UTC. It will take place during epoch 290, and Binance will halt all deposits and withdrawals of ADA for a time — approximately 30 minutes before the hard fork starts. It should be noted that, while ADA withdrawals and deposits will be stopped during this time, trading itself should continue as normal.

Binance explained that it urged investors to leave sufficient time for deposits to be processed before they are disabled, and not to start the process at the last second, since this may result in the loss of funds due to technical issues. Another thing that was pointed out is the fact that the network upgrade and hard fork will not be creating any new tokens, so users don’t have to worry about potential hash wars.

Deposits and withdrawals will then return after Binance decides that the network is stable, and it will notify users once that happens.

As many likely know, Cardano has spent a long time testing the smart contracts on its testnet, and it even conducted a bug bounty event trying to find any potential issues. With all bugs now expected to be discovered and fixed, Cardano is preparing to take one of the most important steps in its lifetime.

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