Upbit to Suspend NEAR Deposits for Network Upgrade

2 min read | August 23, 2024 08:38 PM AEST | By Team Kalkine Media

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Upbit to Suspend NEAR Deposits for Network Upgrade — Image source: shutterstock

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Upbit, a prominent global cryptocurrency exchange, has announced a temporary suspension of deposit and withdrawal services for Near Protocol in light of a crucial network upgrade. This precautionary measure is implemented to ensure the security of user assets during the upgrade process.

Despite the suspension of deposit and withdrawal functionalities, Near (NEAR)trading on Upbit will continue without interruption. The exchange will keep users informed about the status of the upgrade and the resumption of these services through updates on its official channels. The exact timing for the restoration of deposit and withdrawal services will be communicated once the stability of the network upgrade has been confirmed.

The decision to suspend these services is in line with Upbit’s commitment to maintaining a secure trading environment during significant network updates. The exchange will monitor the upgrade closely and provide timely updates regarding its progress and any changes to the service availability.

Upbit and other cryptocurrency exchanges in South Korea are under the scrutiny of the Financial Supervisory Service (FSS) following the implementation of the Virtual Asset User Protection Act (VAUPA). The FSS has introduced a continuous monitoring system for suspicious transactions on cryptocurrency exchanges as part of this regulatory framework, effective from July 19.

In related news, recent data released by the FSS on August 19 reveals that employees and executives at Dunamu, the operator of Upbit, receive higher average salaries compared to staff at major banks. This data shows that the average salary for Dunamu employees exceeds that of employees at major South Korean banks such as Shinhan Bank and KB Kookmin Bank. Specifically, the average salary for Dunamu staff was reported to be significantly higher in the first half of 2024 compared to their banking counterparts.

Upbit's ongoing commitment to security and regulatory compliance highlights its role in the evolving cryptocurrency landscape while maintaining competitive employment conditions within the industry.

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