Binance Wallet

How long has the wallet been suspended?
How much longer can we expect it to remain that way?

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Binance should be up and running soon.
Today I contacted my preferred broker: litebit.eu
Because trading ADA was under maintenance for days now. Shortly after the call I could start buying and selling again.

Give it a day or two. If the problem is still not solve you can always send them an email or open a ticket

I just received this response from Binance. They got back to me within a few hours.

Hello,

Thank you for your inquiry.

Very sorry for the in convenience.

Withdrawal for ADA is suspended due to wallet maintenance. We are working hard on the maintenance and will fix it as soon as possible. There is no specific time. Enough patience is much appreciated.

For how to withdraw ADA, please ask the send exchange if it support ADA first.

If ADA is supported, please kindly see withdrawal process below. 1. Visit the Binance official website (www.binance.com) and log in your account. 2. Click [Funds] -> [Withdrawals]. 3. Select Coin->Input withdrawal address (and tag/memo if there is any) and amount. 3. Click Submit after doublechecking all information filled. The system will prompt a confirmation email to your Binance registration email. 4. Open the email titled [Confirm Your Withdraw Request From xxx], click ‘confirm withdraw’ after verifying details again. 4. Check your withdrawal at [Funds] → [Transaction History] → [Withdrawal.You may click Txid generated and check your transaction status in blockchain explorer.

Please refer to below article for more details about withdrawal. https://support.binance.com/hc/en-us/articles/115003670492

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The maintenance seems already more than 10 days. My Ada is still there. And I never feel secured when my precious assess is on an exchange. I want to withdraw to my personal wallet. I never trade.

You know, top rich wallets of ADA never withdraw until now. They just input. https://adatracker.com/richest

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I don’t appreciate being on the exchange for so long.

update: Online 11/25/2018

Give it some time.
I’m sure Binance will be able to implement the new update and have you back up on trading your ADA

I understand your concern
I’ve experienced the same issue related to updates if the Wallet.
Give it some time. Binance is working hard to get this resolved.

Back in the days, in crypto time of course, I was more patient however some kid who now have disappeared created Cryptsy. This kid helped multiple people including me alleviate themselves from crypto assets :smirk:.

I’m not accusing Binance, I just fallow a personal favorite rule. Don’t leave your :cardano: on the exchange.

I’m not so sure what’s worse, having ADA at a “reasonable” exchange like Binance or Kraken or at a software wallet like Daedalus or Yoroi. I really hope that the Ledger support comes very soon.

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I haven’t tried Yoroi so no comments. However Daedalus have well behaved even Cardano-CLI has potential. If am not negotiating I rather not be on any exchange, less variables is in my opinion better.

Someone once told me your keys your asset, not your keys not your asset or something similar.

Absolutely true. The question is just how secure a software wallet can be. There already was someone here whose computer was compromised and his Daedalus walled was emptied. Right now I have some of my ADA on Daedalus and some at Kraken. I’m not happy with both possibilities but at least not everything can be stolen at once.

And I’m pleased to know that with the amount of ADA I own, the hourly wages for the hackers would not make them very happy… :wink:

Just my two Lovelaces: Have you considered a paper wallet? This is much more secure than the options you have listed. Even Ledger, aren’t you are essentially storing your Ada on a “USB drive” that has the potential to corrupt or malfunction?

Read the following post: Daedalus vs Trezor/Ledger

I have. But creating this on a computer with internet connection makes not much sense in my eyes and I don’t have another one, separated from the internet. So I just hope that the Ledger support will be available in the next weeks and I can secure everything.

No, not at all. First: The ADA are stored at the blockchain, not at the Ledger or “in” a wallet. “Wallet” is a misleading word. It should rather be named “keys”. With a Ledger “key” your private keys never leave your Ledger so it cannot be hacked. A hardware wallet is a real difference to software wallets. And if the hardware wallet breaks, you can buy another one and restore everything with the seed (which you should store in the best case in a safe deposit box).

Yes, you are right. But you are trusting the manufacturer of Ledger that there are no back doors…
Hardware security modules/devices

Yes, that’s true. You just cannot do anything without having some trust in something or someone. I hope that the manufacturer plans to stay manufacturer for a long time and earn his money with honest work instead of robbing people. And I have some trust in all the experts who tested the Ledger.

We are working on an offline wallet option. I’ll keep everyone posted with progress on it.

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Hi Seven,
I use Binance as well but since I discovered litebit I now only purchase my ADA here.

this broker/exchange have many advantages

  1. they are really cheap, compared to other exchanges/brokers
  2. You purchase your ADA (and other crypto’s) with fiat
  3. Your ADA is sent directly to your personal wallet. You input your Daedalus/Yoroi/Infinito/etc. wallet and within second you got it!

I make use of it via iDeal but you can use bank transfers as well.

And the nicest thing about it is that you can reverse the transaction as well. Send your ADA or other crypto to ‘sell’ and receive the cash in your bank account.

You will need to link your bank account first but that’s just for KYC purposes

www.litebit.eu

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Does anyone know what they are actually doing, why it takes so long? I’m thinking the upgrade works, or it doesn’t. I guess they might be “defragging” their wallet to remove small UTxOs, but how long can it take? Just curious.

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Think: if they are really maintaining the wallet, there should be a two-way block. What now? People can deposit, but can not withdraw.

Clearly, to me, they are manipulating the price. Dumping ADA then buy them back at lower price - only then can we withdraw! They have not finish the buying process yet.

I never trust these exchanges, withdraw whenever I can.

technically receiving is totally different to sending. i don’t thin binanace are manipulating the price.