Coinspeaker
OKX to Temporarily Halt Flow Network Deposits and Withdrawals on September 4 amid Mainnet Upgrade
Crypto exchange OKX is gearing up for the upcoming Flow (FLOW) network mainnet upgrade. To ensure a smooth transition, it has announced a temporary suspension of deposits and withdrawals for all tokens associated with the FLOW network. This suspension is slated to take effect on September 4, 2024, at exactly 11:00 UTC.
OKX Supports Flow’s Critical Network Upgrade
According to OKX, the suspension is a supportive step towards the FLOW network’s mainnet upgrade. That is because blockchain network upgrades come with potential technical issues that may lead to network disruptions and sometimes security risks.
In view of this, OKX is prepared to halt deposits and withdrawals for the time being.
The firm said in its official announcement that during this period, users who hold FLOW tokens or any other tokens native to the Flow network in their OKX accounts do not need to take any action. The exchange assured that these assets will remain safe throughout the upgrade process. OKX then added that, once the upgraded network is stable, the suspended services will automatically resume without the need for further announcements from OKX.
For Flow, the upcoming upgrade is very vital for its network as it is poised to improve not only its security and scalability but also its overall performance. Despite the positives that the upgrade is set to bring on, especially in the area of longevity and success of the network, there is still a need for exchange services like OKX to be extremely careful. They must exercise caution and take proactive measures such as the one that the exchange has just taken. This is to ensure user funds remain secure and unaffected.
Trading Continues with Caution
Meanwhile, despite the suspension of deposits and withdrawals, OKX has confirmed that trading activities involving FLOW tokens and other Flow network tokens will remain available as usual. This includes spot trading, margin trading, and derivatives trading. However, the exchange also warned traders of the risks of trading, particularly during this period of upgrade.
OKX advises traders to increase their margin levels to lower their risks. The exchange also advised users on the only way to ensure fund safety during this period. Its strong advisory reads:
“For the safety of your funds, don’t make any further deposits or withdrawals of FLOW tokens and tokens belonging to the network during the period.”
For what it might be worth, OKX may have seized the opportunity of the upcoming upgrade to, once again, showcase its commitment as an exchange service towards offering its users a secure trading environment. Not only this, it also shows its support for blockchain networks like Flow.
OKX to Temporarily Halt Flow Network Deposits and Withdrawals on September 4 amid Mainnet Upgrade
