Since August 7, 2023, Upbit has suspended operations for deposits and withdrawals for Cronos (CRO) and Wax (WAXP). This decision has caught attention in the cryptocurrency market.
Reasons for Temporary Suspension
Upbit, a leading exchange in South Korea, has paused deposits and withdrawals for Cronos (CRO) and Wax (WAXP) starting August 7 at 23:00 UTC+9. The reasons for this suspension were not detailed in any official statements. This measure appears to fall within routine processes, as trading remains unaffected, only the deposit and withdrawal services are paused.
No Market Consequences
At the time of suspension, minimal or no financial consequences were reported. Key market players have expressed no concerns. It seems that this pause is routine and will not impact trading activity.
Historical Examples of Minimal Impact
Existing experience shows that similar pauses on Upbit have not influenced trading volumes. Past suspensions for technical maintenance of tokens like Ethereum and Solana also did not lead to significant price fluctuations. This confirms experts' opinions that such pauses are mainly related to infrastructure updates.
The temporary suspension of deposits and withdrawals on Upbit for Cronos and Wax has not had a noticeable impact on the market. This measure appears to serve as standard practice for ensuring technical stability of the exchange.
