Binance Pauses ADA Deposits and Withdrawals for Cardano Network Upgrade

Binance has announced it will halt deposits and withdrawals of Cardano (ADA) tokens starting at 20:45 UTC on January 29, 2025, to facilitate the network’s upgrade and hard fork.

The new Plomin hard fork empowers ADA holders to actively participate in shaping the Cardano network’s future. This upgrade transitions the blockchain to a fully decentralized governance model, allowing ADA holders to directly cast their votes on proposals or appoint a delegated representative (DRep) to vote on their behalf.

The network upgrade is scheduled at 21:45 UTC on the same day. While deposits and withdrawals will be temporarily suspended, trading of ADA tokens will remain unaffected. Binance will handle all technical requirements related to the upgrade, ensuring minimal disruption for users.

Once the upgraded Cardano network is deemed stable, deposits and withdrawals will resume, with no further announcements expected. Users are advised to prepare for the brief suspension and stay informed of updates.

This report follows Binance’s announcement regarding discontinuing specific leveraged trading pairs on its margin platform. Starting at 14:00 (GMT+8) on January 16, 2025, Binance will remove cross-margin pairs LIT/BTC, NULS/BTC, and SFP/BTC, along with isolated-margin pairs BEL/BTC, LIT/BTC, LSK/BTC, NULS/BTC, and SFP/BTC. As part of the process, isolated margin lending will be suspended on January 9, 2025, and users must manually close any open positions before the final deadline on January 16, when positions will be automatically liquidated.

Similarly, Binance temporarily suspended token deposits and withdrawals on the aelf network for an upgrade starting January 15, 2025, at 17:00 (UTC+8). The update, which aimed to enhance the ELF blockchain, occurred at block height 252,256,057 around 18:00 (UTC+8). While trading of ELF continued uninterrupted, deposit and withdrawal services were paused. Users were advised to deposit ELF tokens before the upgrade to avoid disruptions. After completing and stabilizing the upgrade, deposit and withdrawal services resumed automatically.

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