Upbit Suspends NEAR Deposits and Withdrawals for Blockchain Upgrade

Upbit, a leading cryptocurrency exchange in South Korea, has announced a temporary suspension of deposits and withdrawals for NEAR Protocol (NEAR) tokens, effective August 18 at 03:00 UTC. The move is directly tied to an upcoming major upgrade of the NEAR blockchain network [1]. During this period, users will be unable to transfer NEAR tokens to or from their Upbit accounts, although trading of the asset on the platform is expected to remain unaffected. The suspension is a precautionary measure aimed at ensuring the smooth execution of the protocol upgrade and the continued security of user assets [1].

Blockchain upgrades are common in the cryptocurrency industry and typically involve significant technical improvements to enhance performance, scalability, or security. In the case of NEAR, the upgrade is expected to reinforce the network’s long-term viability and competitiveness. While the suspension may cause short-term inconveniences for users, it is considered a necessary step to prevent transaction errors or fund loss during a period of system transition [1].

Upbit has emphasized that the suspension is temporary and not a reflection of any instability in the NEAR network. Instead, it underscores the exchange’s commitment to maintaining the integrity of its services. Users are advised to complete any planned deposits or withdrawals before the specified deadline to avoid disruptions. The exchange has also urged users to monitor its official communication channels for updates regarding the resumption of services [1].

This is not the first time Upbit has taken such a measure. On July 19, 2025, the exchange announced a similar suspension for Scroll (SCR) tokens in anticipation of that network’s upgrade [2]. These coordinated actions highlight the growing standardization of network upgrades in the blockchain sector, where exchanges and developers collaborate to ensure secure and transparent transitions.

The timing and duration of the NEAR suspension remain dependent on the technical complexity of the upgrade and the time required for full implementation. Upbit has not yet provided a specific timeline for when services will resume, but users can expect an official announcement once the upgrade is completed and all systems are verified to be stable [1].

Investors and users should recognize that while network upgrades can temporarily affect liquidity, they are generally viewed as positive developments for the blockchain’s future. NEAR has positioned itself as a scalable and developer-friendly platform, and this upgrade is seen as a key milestone in its ongoing evolution [1].

Upbit encourages users to plan ahead and remain proactive in managing their digital assets during such events. By staying informed through official channels, users can avoid potential delays and continue to participate in the dynamic cryptocurrency market with confidence [1].

Source: [1] Bitcoin World – Crucial NEAR Protocol Upgrade: Upbit Announces Temporary Deposit and Withdrawal Suspension (https://bitcoinworld.co.in/upbit-near-suspension-upgrade/)

[2] Crypto News – Crucial Upbit Scroll Suspension: What Investors Need to ... (https://cryptonews.net/news/market/31419462/)