Binance announced that Exchange will support Cardano upgrade hard fork and will suspend Cardano transactions.
As all of us know very well about the upcoming & most anticipated hard fork of Cardano mainnet, that will enable smart contract features on the Cardano network. So Binance exchange passed their statements and urged their users about this upcoming fork.
Binance exchange announced on 9 September, that they will fully support Cardano network upgrade and hardfork on Cardano mainnet.
In the time interval of hardfork process, all the users of ADA coins will not be able to transfer Ada coins , that means no withdrawal and no deposit of ADA coin.
As hardfork will take place during epoch 290 or at approximately 2021-09-12 21:44 (UTC), so just before this, Binance will stop withdrawal and deposit. After the completion of the fork, Binance exchange will make sure whether Cardano team is sure and stable with their network or not and then Binance will reopen deposit and withdrawal.
It is expected that it will take around 30 minutes to upgrade the Cardano network through hardfork.
Binance Exchange also confirmed that, they will announce the hard fork completion after it is done, officially. So here users don’t need to take tension.
Here we should not consider that, Binance is going to stop any kind of trading of ADA coins, it will continue and not be suspended by Binance. And also Binance explained clearly that fork will not result in any kind of new token.