Upbit suspends deposit on SNX after DAXA issues warning on April 24

The South Korean Upbit Exchange has announced that it will suspect the deposits against SNX, following a recent commercial warning from Digital Asset Exchange Alliance.

According to a recent notice Crypto exchange, synthetix (SNX) The token was labeled “trading element” by digital asset Exchange Association or Daxa. Consequently, the EXCHAGEN Crypto decided to suspend the deposits for SNX from April 24 at 3:00 p.m. kST.

Synthetix is ​​a decentralized finance protocol built on Ethereum (Ethn) This allows users to create and exchange synthetic assets, called synths, which reflect the value of other assets such as currencies, products and actions.

Shortly after the publication of the ad, SNX fell by almost 5%. The token is currently negotiating at $ 0.69 with a market capitalization of $ 235 million.

THE South Korean Crypto Exchange informed to users that it generally proceeds to examine the assets marked in the “Establishment of negotiation” to determine whether or not to terminate commercial support.

“During the examination process, the period of examining the appointment of an element of care of negotiation can be prolonged and if the reasons for the appointment of an element of warning of negotiations are not completely resolved, the decision can be made to end commercial support,” said Bit.

In the case of SNX, Upbit explained that the reason he finally decided to suspend the deposits on SNX is the fact that Synthetix failed to maintain the value of his stableSUSD, according to report 1: 1 set at 1 USD.

So far, Upbit’s opinion will be valid until the fifth week of May 2025, in which a separate examination can be carried out. If after a more in -depth inspection, the problems concerning SNX persist, then Upbit can decide to completely terminate the commercial support.

Although SNX and SUSD are two different active ingredients, the announcement noted that SNX can be used as a “guarantee” for the Susd Stablecoin.

At the time of the press, the Synthetix emitted Stablecoin is currently up 9.4%. Unlike most of the market stables of the market which maintained a fairly stable value equal to 1 USD, SUSD increased by 12.7% last week and decreased by 10.6% in the last month. It is currently negotiated at $ 0.86, still 0.14 shy $ 1 from USD.

On April 21, the founder of Synthetix, Kain Warwick, exhorted Empterors to participate through its appearance mechanism and help restore stability before implementing more and more measures. The protocol introduced a new initiative called 420 Pool, which offered SNX holders a chance from SNX tokens by locking their above for a year.