In preparation for an impending network upgrade, the cryptocurrency exchange Upbit will temporarily disable the Near Protocol’s (NEAR) deposit and withdrawal services. An official announcement states that the suspension will start on August 26 at 3 am UTC. And continue on until the network upgrade is determined to be stable.
Additional information will be provided on the official Upbit platform after stability has been confirmed. In order to explain the exact time of when these services will resume. To make sure that users’ assets are safe during the upgrade, the exchange shall temporarily suspend service.
Upbit assures its customers in the message that the platform’s NEAR trading will continue unabated. The exchange will keep consumers informed about the upgrade status. And when service will be resumed by continuously monitoring its progress and issuing updates.
Continuous Monitoring System
Moreover, Upbit was one of many cryptocurrency exchanges that became subject to oversight under South Korea’s Virtual Asset User Protection Act (VAUPA) on June 16. This was after registering with the Financial Supervisory Service (FSS).
When the VAUPA took effect on July 19, the FSS began its “continuous monitoring system.” In order to look for questionable cryptocurrency transactions on exchanges. The FSS noted in a notification dated July 4 that the system could screen out “abnormal transactions” since it was set up by lawful exchanges.
A local media outlet, News1, reported on August 19 on statistics published by the FSS, showing that the average remuneration of executives and workers at Dunamu was higher than that of large banks.
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