Upbit to Halt ENJ Deposits/Withdrawals May 18 for Network Upgrade
Upbit, South Korea’s largest exchange, will temporarily halt ENJ deposits and withdrawals on May 18 at 11:00 a.m. UTC due to a scheduled Enjin (ENJ) blockchain network upgrade. The suspension applies to all ENJ deposit and withdrawal services. Upbit has not set a specific end time, and the maintenance window may last from a few hours up to a day. Traders cannot move ENJ into or out of Upbit during the cutoff, but ENJ spot trading is expected to continue unless Upbit announces otherwise. Traders are advised to complete any pending ENJ transfers before the deadline to avoid delays. While such ENJ deposit/withdrawal pauses are typically routine and usually do not cause lasting price damage, they can create short-term friction for active users, including arbitrageurs who depend on fast fund transfers. ENJ balances on Upbit should remain available for spot trading; only deposits and withdrawals are affected.
Neutral
This is a routine exchange maintenance event tied to an ENJ network upgrade, not a protocol-breaking change or a major liquidity shock. Because Upbit is only suspending ENJ deposits and withdrawals (balances and likely spot trading remain available), the immediate tradability of ENJ on the exchange should be broadly intact. In similar past cases—when exchanges pause deposits/withdrawals ahead of on-chain upgrades—spot markets often keep trading, while on-chain transfer demand briefly concentrates before the cutoff and then resumes after confirmation. Short-term impact is mainly operational: fewer users can rebalance or arbitrage via fast transfers, which can slightly widen spreads or reduce arbitrage activity. Longer-term, if the upgrade completes smoothly and no follow-up issues emerge, the event typically fades quickly and does not sustainably change ENJ fundamentals.