Heads up, crypto traders! If you use the South Korean exchange Upbit, there’s an important announcement you need to know about regarding two popular tokens: POL and GMT.
Why is Upbit Suspending POL and GMT Transactions?
Upbit recently notified its users via its official website that it will be temporarily halting deposit and withdrawal services for both POL token and GMT token. This isn’t an unexpected issue or a security concern; rather, it’s a necessary step related to upcoming technical work on the underlying network.
The primary reason cited for this temporary pause is an impending upgrade planned for the Polygon upgrade. Network upgrades are crucial for improving blockchain performance, security, and functionality, but they often require exchanges to temporarily suspend token movements to ensure all transactions are accounted for and processed correctly during the transition period.
Here’s a quick breakdown of the key details:
- Affected Tokens: POL (Polygon) and GMT (STEPN)
- Exchange: Upbit
- Action: Temporary suspension of deposits and withdrawals
- Start Date & Time: Approximately 09:00 UTC on July 10
- Reason: Polygon network upgrade
Understanding POL and GMT Tokens
It’s worth noting the tokens involved:
- POL: This is the native token of the Polygon network itself. Polygon is a popular Layer 2 scaling solution for Ethereum, designed to improve speed and reduce transaction costs. An upgrade to the Polygon network directly impacts its native token.
- GMT: This is the governance token for STEPN, a popular move-to-earn health and fitness application built on the Solana blockchain, but which also utilizes the BNB Chain and previously had interactions or listings tied to broader market movements including Polygon-related activities for some users or related assets (though GMT is primarily Solana/BNB, its high profile means exchanges often group it with other significant token news). The suspension on Upbit for GMT alongside POL is likely due to operational procedures or potential cross-chain considerations the exchange is managing during the Polygon upgrade period.
While the Polygon upgrade directly necessitates the POL suspension, the inclusion of GMT suggests Upbit is taking a cautious approach during this period of network activity.
What Does This Crypto Exchange Suspension Mean for Users?
For Upbit users holding or planning to trade POL or GMT, this temporary crypto exchange suspension means you need to plan ahead.
- You will not be able to deposit new POL or GMT tokens into your Upbit account from external wallets or other exchanges after the suspension starts.
- You will not be able to withdraw your existing POL or GMT tokens from your Upbit account to external wallets or other exchanges after the suspension starts.
- Trading of POL and GMT on Upbit is typically unaffected by deposit/withdrawal suspensions, but it’s always wise to check the official announcement for any specific trading restrictions (the provided text doesn’t mention trading suspension).
The duration of the suspension is usually tied to the completion and successful stabilization of the network upgrade. Upbit will announce when deposit and withdrawal services are resumed.
Actionable Insight: Plan Your Transactions
If you need to move POL or GMT tokens to or from Upbit around July 10, make sure to complete these transactions well before the 09:00 UTC cutoff time. Failure to do so will mean your funds are locked on the exchange (if you need to withdraw) or cannot be deposited (if you need to add funds) until the suspension is lifted.
Stay informed by monitoring Upbit’s official announcements for updates on the status of the Polygon upgrade and the resumption of services.
In Summary: Navigating the Upbit Pause
Upbit’s temporary suspension of POL and GMT deposits and withdrawals on July 10 is a standard procedure related to the upcoming Polygon upgrade. This affects users needing to move these specific tokens on or off the platform. By understanding the reason behind the crypto exchange suspension and planning your transactions accordingly, you can avoid any inconvenience. Keep an eye on Upbit’s official channels for the announcement regarding the resumption of services for the POL token and GMT token once the Polygon network work is complete.
Be the first to comment