Binance Will Temporarily Suspend Deposits And Withdrawals On The Cardano Network

According to reports, on the evening of February 14, prominent cryptocurrency exchange Binance will temporarily suspend deposits and withdrawals on the Cardano network. The rationale for this decision is the Cardano network’s imminent Valentine’s Day update, known as SECP.

The SECP update, which stands for standards for efficient cryptography, is scheduled for block height 8,403,208. The update’s goal is to bring additional built-in features to Cardano’s language and smart contract programming environment, Plutus.

These enhancements include changes to cryptographic primitives as well as support for ECDSA and Schnorr format signatures, which are widely used on networks other than Cardano. The goal of this upgrade is to improve Plutus so that smart contract developers may design interoperable cross-chain apps more easily.

Vasil’s difficult teachings

Let’s take a look at node compliance and exchange preparedness in the context of Cardano’s previous significant update, the Vasil hard fork. According to Input Output Global, Cardano’s parent business, more than 75% of staking pool operators are running the necessary versions of the nodes.

In terms of exchanges, Binance is the only big exchange that is fully prepared for the SECP update. However, other exchanges, including Coinbase, are already preparing.

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