Cryptocurrency exchange Upbit has announced the temporary suspension of NEAR Protocol deposits and withdrawals starting August 26 due to a network upgrade.
Service Suspension During Network Upgrade
According to the official announcement, the suspension will start on August 26 at 3 am UTC and continue until the network upgrade is determined to be stable. Additional information regarding the resumption of services will be provided on the official Upbit platform after stability has been confirmed.
Continuous Monitoring
Upbit assures its customers that NEAR trading on the platform will continue unabated. The exchange will keep users informed about the upgrade status and the time of service resumption by continuously monitoring progress and issuing updates.
FSS Control and VAUPA Regulation
Moreover, Upbit is one of the many cryptocurrency exchanges subjected to oversight under South Korea’s Virtual Asset User Protection Act (VAUPA) on June 16 after registering with the Financial Supervisory Service (FSS). Since VAUPA took effect on July 19, the FSS has begun its 'continuous monitoring system' to look for questionable cryptocurrency transactions on exchanges. The FSS noted in a notification dated July 4 that the system could screen for 'abnormal transactions' as it was set up by lawful exchanges.
Upbit will continue to keep users informed about the status of the upgrades and ensure the safety of their assets throughout the network upgrade process.
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