Upbit, a popular South Korean crypto exchange, has announced the temporary suspension of NEAR deposits and withdrawals starting from Mar. 11. The exchange revealed this information in a press release on Mar. 7, attributing the suspension to an ongoing network upgrade.

During this period, users are advised not to deposit NEAR to prevent any potential issues. Additionally, Upbit mentioned that the return process for certain tokens will also be temporarily suspended until the deposits and withdrawals for NEAR are back to normal.

According to Upbit, “Deposits may be delayed after the deposit/withdrawal suspension due to network congestion, etc and there might be a difference between the completion of blockchain network transaction confirmation and the actual deposit reflection.”

The upcoming upgrade aims to address scalability threshold issues by implementing a new mechanism for resharding. It also plans to restrict the creation of non-implicit top-level accounts and adjust the number of block producers and chunk producers on the testnet to facilitate chunk-only producer testing.

This move by Upbit follows a similar initiative by Binance, another crypto exchange, which recently suspended Solana withdrawals due to increased network transaction volume. Binance is working on a long-term solution scheduled for implementation on Mar. 9 at 18:00 (UTC).

For more updates and news on cryptocurrency exchanges and developments, continue exploring Global Crypto News.

Post Views: 6