Upbit cryptocurrency exchange has announced a temporary suspension of deposits and withdrawals for NEAR Protocol due to an upcoming network upgrade.
Downtime details
According to an official post, the suspension will begin on August 26 at 3 am UTC and last until the network upgrade's stability is confirmed. NEAR trading on the platform will remain unaffected and continue without interruptions. Upbit will regularly update users on the service resumption timeline and upgrade status.
Upbit monitored by the FSS
Since June 2023, many cryptocurrency exchanges, including Upbit, have been registered with South Korea's Financial Supervisory Service (FSS) and are monitored under the Virtual Asset User Protection Act (VAUPA). The FSS launched its continuous monitoring system for suspicious crypto transactions on exchanges on July 19, when VAUPA took effect. In a July 4 notice, the FSS explained that exchanges subject to the law had established a system to filter abnormal transactions.
Upbit employees out-earn major bank staff
On August 19, data released by the South Korean Financial Supervisory Service and reported by local media outlet News1 revealed that the average salary of Dunamu employees and executives, who operate the Upbit exchange, outperformed that of major bank staff such as Shinhan Bank and KB Kookmin Bank. The Upbit operator staff received almost 18 million South Korean won (approximately $13,000) more in the first half of 2024.
Thus, Upbit has taken measures to ensure the security of user assets during the NEAR Protocol network upgrade while continuing to operate under the strict supervision of the FSS, with a strong emphasis on transaction security.
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