Upbit has announced a temporary suspension of all Ethereum network deposits and withdrawals starting at 11:00 p.m. UTC on January 6. The pause covers ETH itself and a wide range of ERC-20 tokens, while trading of these assets on Upbit’s order books will continue to operate normally. The exchange did not provide a specific end time, stating that services will resume only after it confirms the hard fork’s stability. This follows established exchange procedures for major blockchain upgrades.
Upbit’s Ethereum Network Suspension Details
The suspension begins precisely at 11:00 p.m. UTC on January 6 and applies to deposits and withdrawals using the Ethereum network. At the same time, users can still buy, sell and trade ETH and ERC-20 tokens internally on Upbit, since order-book trading is not affected by the network pause. Upbit has said it will reopen deposit and withdrawal services only after completing post-fork checks and confirming the network’s stability, without naming an exact resume time. This approach mirrors steps taken by other major exchanges during prior Ethereum upgrades.
Why the Suspension is Necessary
Exchanges pause deposits and withdrawals around hard forks to avoid transaction conflicts and to ensure correct user balances after the network upgrade. Suspending movements helps prevent issues such as replayed transactions across chains and gives exchanges time to reconcile wallets once the upgrade settles. A 2023 report by the Crypto Council for Innovation noted that over 95% of major exchanges suspend deposits and withdrawals during planned hard forks, underlining that this is a common security measure. Historically, platforms like Coinbase and Binance have used similar precautionary pauses during Ethereum’s previous major upgrades.
Why this matters
For miners and operators with one to a thousand devices in Russia, the suspension does not change on-chain mining work but can affect how and when you move mined ETH off-chain. If you plan to transfer ETH or ERC-20 proceeds to Upbit, the deadline is the key restriction: deposits sent during the pause will not be credited until services resume and the exchange completes its checks. At the same time, miners who do not rely on Upbit for custody of rewards are not directly impacted by the deposit/withdrawal pause itself.
User Actions and Recommendations
Complete any outgoing deposits or withdrawals that must reach Upbit before 11:00 p.m. UTC on January 6, and inform anyone sending funds to your Upbit address about the pause to avoid delays. Review and enable security measures such as two-factor authentication and double-check withdrawal requests before submitting them, since credited timings may shift until the exchange finishes reconciliation. If you use multiple platforms, monitor each exchange’s status page for their schedules and follow announcements for coordinated resumption of services.
What to do?
- Finish required Ethereum transfers to or from Upbit before the stated deadline.
- Tell counterparties not to send ETH/ERC-20 during the suspension window to prevent pending or uncredited transactions.
- Enable and verify two-factor authentication and other account protections ahead of the pause.
- Check other exchanges’ notices if you maintain balances across platforms to avoid surprises.
Broader Market and Regulatory Context
Upbit’s precautionary suspension is consistent with industry norms for major protocol upgrades and aligns with security procedures previously used by global exchanges. Such planned maintenance helps exchanges reconcile wallets after a fork and protects user assets during uncertain network conditions. For examples of similar operational pauses and maintenance announcements by exchanges, see the note on Upbit maintenance and other exchange pauses like the temporary suspension of FLOW operations on South Korean platforms FLOW token pause, which illustrate comparable procedures in the market.
Quick answers
Yes — trading of ETH and ERC-20 tokens on Upbit’s internal order books continues during the suspension, but deposits and withdrawals via the Ethereum network are halted. If you send an ETH deposit to Upbit during the pause, the transaction will remain on the blockchain but Upbit will not credit it until services resume and stability checks are complete. The exchange has not given a specific end time; it will reopen deposits and withdrawals only after confirming the hard fork’s stability and completing post-fork reconciliations.
