Binance Don Reopen ADA Withdrawal through BNB Smart Chain as Native Cardano Network Still Dey Suspended

Binance start the second phase of cryptocurrency withdrawal restoration on November 3 after the security incident wey happen for late October. Dem include ADA among the assets wey dem plan reopen, but na only through BNB Smart Chain (BSC). The native Cardano network no dey among the approved withdrawal routes.

According to Binance Recovery Update #6, the phased rollout start by 04:00 UTC, and each asset plus network combination dey go through im own separate security and operational checks.

Binance Add ADA for Im Second Withdrawal Recovery Phase

The second phase cover nine blockchain networks, including BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron, and Base.

ADA dey only under BSC, together with assets like Litecoin, Polkadot, and Stellar, wey their native networks no enter this phase too.

Binance explain say dem dey prioritize withdrawal restoration based on user demand for the last one week. Each asset and network combination must complete security checks before dem activate am, so the withdrawal options wey dem list no mean say all go available at the same time.

Status review wey dem report on November 4 around 14:00 UTC show say ADA withdrawals through BSC dey available or dem dey progressively enable am, while native Cardano withdrawals still remain suspended.

Deposit services no dey affected by the withdrawal restrictions and dem continue to operate during the recovery process.

Why BEP20 ADA Different From Native Cardano ADA

ADA wey person withdraw through BNB Smart Chain na token for BSC, no be the native asset wey Cardano blockchain record.

The token, wey dem dey call Binance-Peg Cardano Token, dey follow the BEP20 standard and e dey run through smart contract for BNB Smart Chain.

To receive am, you need wallet wey support BSC and the correct token. BSC addresses dey usually start with 0x, while native Cardano receiving addresses dey usually start with addr1.

Because of this, BEP20 ADA no fit move directly go native Cardano address for wallets like Yoroi, Eternl, or Lace. If person choose network or destination address wey no match, e fit make funds become inaccessible or even lost.

The difference still affect functionality. ADA wey dem represent for BSC no fit directly join native Cardano staking, stake pool delegation, DRep governance, or Cardano-based DeFi protocols.

To use those functions, you need native ADA for the Cardano blockchain. People wey hold the BEP20 version must use supported transfer or conversion process to move their assets enter the native network.

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Binance Recovery Still Dey Continue, No Date Yet for Native ADA Withdrawals

The withdrawal restoration na part of Binance recovery after the October 29 security incident, wey the exchange report say affect about $6.34 billion worth of digital assets.

Binance promise say dem go cover the financial impact with their own resources and the SAFU fund, instead of push losses give customers.

For the November 3 recovery update, the exchange talk say dem don replenish about 98% of the affected assets, as dem still dey source the remaining tokens and dey restore withdrawal services.

The exchange never announce reopening date for withdrawals through the native Cardano network. Their recovery process still dey assess more assets and networks before dem enable transfers.

As of the November 4 status review, ADA withdrawals through BNB Smart Chain dey available or dey undergo phased activation, while direct withdrawals go Cardano still no enter the announced recovery phases. Binance withdrawal interface dey show the operational status for each supported network and asset combination.