South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for Near Protocol (NEAR) due to a scheduled network upgrade. The halt will take effect at 2:00 p.m. UTC on July 19, 2025, and is expected to last until the upgrade is complete.
What the Suspension Means for NEAR Traders
During the suspension period, NEAR deposits and withdrawals on Bithumb will be unavailable. Trading of NEAR pairs on the exchange is expected to continue as normal, though users should verify the status of their open orders before the maintenance window begins. Bithumb has not specified an exact end time for the suspension, advising users to monitor official announcements for updates once the network upgrade is finalized.
Network upgrades are routine events in blockchain ecosystems, designed to improve security, scalability, or functionality. For Near Protocol, such upgrades often introduce protocol improvements or bug fixes that require validators and exchanges to update their systems.
Implications for the Broader Market
While a single exchange suspension for a few hours is unlikely to move NEAR’s price significantly, traders should be aware that temporary halts can create short-term liquidity gaps. Bithumb is one of the largest exchanges in South Korea, a key market for altcoin trading. Any operational changes on the platform can influence local trading volumes and sentiment.
Near Protocol has been actively developing its ecosystem, with recent upgrades focusing on sharding improvements and developer tooling. The network’s native token, NEAR, has seen steady adoption in decentralized finance (DeFi) and gaming applications.
What Users Should Do
If you hold NEAR on Bithumb, ensure any pending deposits or withdrawals are completed before the 2:00 p.m. UTC deadline on July 19. After the suspension begins, transactions will be queued and processed once the network upgrade is complete and Bithumb resumes services. No action is required for NEAR already held in your Bithumb wallet.
Conclusion
Bithumb’s temporary suspension of NEAR deposits and withdrawals is a standard precautionary measure during a network upgrade. The event is limited in scope and duration, and normal service is expected to resume shortly after the upgrade is finalized. Users are encouraged to stay updated through Bithumb’s official announcements for precise resumption timing.
FAQs
Q1: Why is Bithumb suspending NEAR deposits and withdrawals?
A1: Bithumb is suspending NEAR services to accommodate a scheduled network upgrade on the Near Protocol blockchain. This is a standard procedure to ensure transaction integrity during the upgrade.
Q2: How long will the NEAR suspension last?
A2: Bithumb has not provided an exact end time. The suspension will last until the network upgrade is completed and verified. Users should monitor Bithumb’s official announcements for updates.
Q3: Can I still trade NEAR on Bithumb during the suspension?
A3: Yes, trading of NEAR pairs is expected to continue as normal during the suspension. Only deposits and withdrawals are affected.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
