South Korean cryptocurrency exchange Upbit will suspend Filecoin (FIL) deposits and withdrawals starting August 6 at 18:00 KST. This suspension aligns with Filecoin's scheduled network upgrade, NV23, codenamed ‘Waffle’.
Upbit's decision to freeze FIL transactions is a common practice among exchanges during major network upgrades. This measure aims to prevent disruptions and ensure a smooth transition during the upgrade process. The suspension is expected to be temporary, with services resuming once the upgrade is complete.
Users holding Filecoin tokens will not lose their assets due to this suspension. They are advised to stay updated through official channels for information on when services will resume. Although the temporary halt may cause some inconvenience, it is essential for maintaining operational stability.
The NV23 upgrade is designed to enhance Filecoin’s network performance. Key improvements include faster transaction processing, simplified storage additions, and support for legacy Ethereum transactions. This upgrade aims to reduce transaction confirmation times and improve integration with the broader blockchain ecosystem.
The exact timeline for resuming FIL transactions on Upbit is unclear and will depend on the duration of the network upgrade. Users should monitor Upbit’s announcements and Filecoin’s official communications for the latest updates on the upgrade and service resumption.
Upbit achieves regulatory success in Singapore, securing an MPI license to expand crypto services. Singapore's clear regulatory framework cements its status as a global crypto hub. Despite this win, challenges in the evolving regulatory environment may impact future operations.
Cheng YuanUpbit Singapore gains a pivotal MPI license, marking a significant stride in regulatory-compliant digital asset trading in Singapore.
EdmundUpbit's new KRW trading pair for MINA led to a 50% price surge in 24 hours.
JoyBut perhaps because it is always subject to attacks, and with a $50 million exploit in 2019 looming over their heads, Upbit's approach towards security and risk is more prudent than most.
SnakeThis approval allows Upbit Singapore to continue providing regulated Digital Payment Token (DPT) services to institutional investors while awaiting the full licence.
ClementSouth Korean crypto exchange Upbit granted initial licence approval from the MAS for a major payment institution licence under the Payment Services Act.
CatherineUpbit fortifies security measures after enduring 159,000 network attacks in response to escalating threats.
Hui XinThis figure was disclosed by Dunamu, the operator of Upbit, to Park Sung-jung, a member of the National Assembly's Science, Technology, Information, Broadcasting and Communication Committee today.
Brian
BitcoinworldThe Upbit operator is under heavy scrutiny from local regulators as its total assets balloon and a subsidiary issued controversial investment advice.
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