Attention cryptocurrency traders and holders! A significant announcement from South Korean exchange Upbit is set to impact users holding or trading specific tokens. If you use Upbit, especially for BORA or OBSR, you need to be aware of upcoming service changes. This development is crucial for anyone following crypto exchange news and activity on major platforms.
Why the Upbit Suspension for BORA and OBSR?
Leading South Korean crypto exchange, Upbit, has officially announced a temporary Upbit suspension of deposit and withdrawal services for two specific tokens: BORA (BORA) and Observer (OBSR). According to the announcement on their official website, this suspension is scheduled to begin promptly at 17:00 UTC on July 16.
The primary reason cited for this temporary halt is to support the upcoming Kaia network hard fork. Network upgrades like hard forks often require exchanges to pause related services to ensure the safe and accurate handling of tokens during and after the transition. This is a standard procedure designed to protect user assets and maintain network integrity on the exchange.
What Does This Mean for Your BORA Deposits and OBSR Withdrawals?
Starting from the specified time on July 16, you will not be able to deposit BORA tokens into your Upbit account or withdraw OBSR tokens from it. This impacts:
- BORA deposits: Any attempts to deposit BORA after 17:00 UTC on July 16 will likely not be credited until services resume.
- OBSR withdrawals: If you need to move OBSR off the exchange, you must initiate the withdrawal request before the deadline.
It’s essential for users planning any transactions involving these tokens on Upbit to complete them well before the 17:00 UTC deadline on July 16 to avoid inconvenience.
Suspension Also Affects Delisted Tokens
In addition to the BORA and OBSR suspension related to the Kaia hard fork, Upbit is also temporarily suspending withdrawals for several tokens that have already ceased trading support on the platform. This measure is likely related to maintenance or final procedures for these delisted assets.
The tokens affected by this separate withdrawal suspension include:
- WEMIX (WEMIX)
- SOMESING (SSG)
- Data (DTA)
- Cosmo Coin (COSM)
- PIXEL (PXL)
Users holding these specific tokens on Upbit should also check the official announcement for details regarding the duration and implications of this withdrawal suspension.
Staying Informed on Crypto Exchange News
Announcements like the Upbit suspension for BORA and OBSR highlight the dynamic nature of the cryptocurrency market and the operations of exchanges. Users must stay informed about official communications from the platforms they use. Monitoring official exchange websites and reliable crypto exchange news sources is the best way to keep track of critical updates regarding deposits, withdrawals, trading, and network upgrades.
In Summary
Upbit is implementing a temporary suspension of BORA deposits and OBSR withdrawals from 17:00 UTC on July 16 to facilitate the Kaia network hard fork. Additionally, withdrawals for several delisted tokens (WEMIX, SSG, DTA, COSM, PXL) will also be paused. Users should complete any necessary transactions for these tokens before the deadline and consult Upbit’s official channels for the most accurate and up-to-date information regarding service resumption.
