Crypto exchange OKX has announced that it will temporarily halt deposits and withdrawals for all tokens associated with the Flow (FLOW) network on September 4, 2024, at 11:00 UTC. This suspension is in preparation for the upcoming mainnet upgrade of the Flow network.
The decision to suspend deposits and withdrawals is a proactive measure by OKX to ensure a smooth transition during the network upgrade. Blockchain network upgrades often come with technical issues that can lead to disruptions and security risks. By temporarily halting these services, OKX aims to safeguard user funds and prevent any potential issues that may arise during the upgrade process.
During the suspension 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. OKX has assured users that their assets will remain safe throughout the upgrade process. Once the upgraded network is stable, the suspended services will automatically resume without the need for further announcements from OKX.
While deposits and withdrawals will be temporarily suspended, trading activities involving FLOW tokens and other Flow network tokens will continue as usual on OKX. This includes spot trading, margin trading, and derivatives trading. However, the exchange has advised traders to exercise caution and increase their margin levels to lower their risks during this period.
OKX has also issued a strong advisory to users, urging them not to make any further deposits or withdrawals of FLOW tokens and tokens belonging to the network during the suspension period to ensure the safety of their funds. This precautionary measure highlights OKX’s commitment to providing a secure trading environment for its users.
The upcoming mainnet upgrade of the Flow network is expected to improve its security, scalability, and overall performance. While the upgrade brings positive changes to the network, it is crucial for exchange services like OKX to be vigilant and take proactive measures to protect user funds. By temporarily halting deposits and withdrawals, OKX is demonstrating its support for the Flow network and its dedication to ensuring a smooth transition during the upgrade process.