The South Korean cryptocurrency exchange Upbit has announced a suspension of deposits and withdrawals for Near Protocol (NEAR) tokens due to an upcoming network upgrade.
Reasons for NEAR Operations Suspension
Network upgrades are a standard practice for maintaining a healthy and secure blockchain ecosystem. In this case, Upbit will temporarily suspend operations for Near Protocol starting from 3:00 a.m. UTC on September 23. These upgrades aim to improve security, scalability, and functionality of the network.
What the Suspension Means for Users
For Upbit users, the suspension means that they will not be able to deposit or withdraw NEAR tokens starting from the announced time. However, trading activities for NEAR on the platform will remain available. It is advisable to complete any planned transactions before the specified deadline to avoid delays.
Significance of NEAR Protocol Updates
The NEAR protocol upgrade signifies a positive development for the entire ecosystem. These enhancements make the network faster and more reliable, contributing to its long-term viability. Upbit's support through this suspension ensures that users can benefit from new features once the update is complete.
While the temporary NEAR suspension may cause some inconvenience, it is a standard procedure aimed at ensuring security and efficiency after the network update. Users are encouraged to stay vigilant and complete necessary transactions before the deadline.
