Upbit Suspends NEAR Deposits and Withdrawals for Network Upgrade: What Traders Should Know

Upbit Suspends NEAR Deposits and Withdrawals for Network Upgrade: What Traders Should Know

Upbit, one of the leading cryptocurrency exchanges in South Korea, has announced the suspension of NEAR Protocol (NEAR) deposits and withdrawals starting from September 16th, 2023, at 6 PM (KST) due to a planned network upgrade. This suspension is expected to affect a significant number of NEAR traders and users who rely on Upbit for their trading activities. NEAR is a popular blockchain platform known for its scalability and user-friendliness, and it has gained considerable traction among developers and investors alike. Upbit has been a major platform for NEAR trading, and the suspension of deposits and withdrawals is likely to impact a wide range of traders who hold NEAR on the exchange. Traders who currently hold NEAR on Upbit are advised to be aware of the upcoming suspension and make necessary arrangements to move their funds to another exchange or wallet if required. Upbit has not yet provided a specific timeline for when the suspension will be lifted, but it is generally expected to be completed within a few hours or days, depending on the complexity of the network upgrade. While the suspension may cause temporary inconvenience for NEAR traders, it is important to note that network upgrades are crucial for the long-term health and security of blockchain protocols. By implementing these upgrades, NEAR aims to enhance its network performance, stability, and overall user experience. Traders are encouraged to stay informed about the progress of the network upgrade and follow official updates from Upbit regarding the resumption of NEAR deposits and withdrawals.