Upbit exchange announced a temporary suspension of deposits and withdrawals as part of scheduled maintenance around the New Year. This standard procedure aims to verify user assets and deposits. Knowing the exact pause timing helps avoid transfer disruptions and operational planning issues.
When will Upbit's maintenance take place?
According to the exchange, the main maintenance window for all services is scheduled from 17:00 to 23:00 UTC on the last day of the year. Trading on order books generally remains available, meaning placing and executing orders is usually possible during the audit period.
If you have pending transfers, it’s important to follow the exchange’s rules: transactions started before the suspension will be processed, while requests submitted after the pause begins will be queued and executed after maintenance completion. For similar procedures on other platforms, see materials on similar pauses.
Why is Upbit conducting maintenance?
The main reason for the maintenance is to perform a thorough audit of user assets and deposits. This verification (often called proof-of-reserves) ensures that the digital assets in the exchange’s wallets match the balances in users’ accounts.
Regular audits are an important compliance and security measure: they increase platform transparency and strengthen user trust, which positively affects the exchange’s reliability in the long term.
How to prepare for the maintenance window?
Some preparation reduces the risk of delays and inconvenience. Plan transfers in advance, check Upbit’s official announcements for possible restrictions, and complete all necessary operations before the pause starts.
- Complete critical deposits and withdrawals before 17:00 UTC on the last day of the year.
- Check Upbit’s official channels for updates or schedule changes.
- Keep in mind that requests submitted after the pause begins will be processed only after maintenance ends.
What does this mean for the market and users?
Scheduled maintenance by a major exchange highlights the industry’s growing maturity and commitment to enhancing security and regulatory compliance. Public communication about pauses and audits helps maintain market integrity and protect users.
Short, planned deposit and withdrawal suspensions rarely cause significant price fluctuations, as the market anticipates and prepares for such procedures. For comparison of event impacts on local platforms, see materials on exchange impacts.
Why is this important?
If you mine cryptocurrency and use the exchange to withdraw earnings, the deposit and withdrawal pause may temporarily restrict moving funds to or from Upbit. However, trading usually remains available, so you can sell coins via the order book without waiting for maintenance to finish.
It’s also important to remember that such audits confirm asset availability and enhance platform security, which protects your funds in the long run.
What should you do?
- If planning withdrawals to fiat accounts or transfers between exchanges, start them early and ensure transactions are submitted before the pause.
- If you need to quickly secure profits, use the trading book—spot trading typically remains operational during maintenance.
- Monitor Upbit’s official announcements to confirm timing and any schedule changes.
- Remember that requests sent after the pause begins will be processed in order after maintenance concludes.
Frequently Asked Questions (FAQ)
Can I trade on Upbit during maintenance? Usually yes. Scheduled maintenance typically only suspends deposit and withdrawal functions, while spot order book trading remains active. Check official announcements for details.
Are my funds safe during maintenance? Yes. Maintenance is conducted to verify and confirm assets and does not pose a risk of fund loss—it’s part of security and transparency measures.
What happens if I start a transfer just before the pause? Transactions initiated before the suspension will be processed. Requests submitted after the pause starts will queue and execute after maintenance ends.
How often does Upbit conduct such audits? Major exchanges perform regular asset audits, often quarterly or semi-annually; annual checks like this are also common for year-end reconciliation.
Will the pause affect cryptocurrency prices on Upbit? In most cases, short planned deposit and withdrawal windows do not cause significant price movements, as market participants expect these procedures.