UpBit Notice for Steem Backed Dollar (SBD).

Trading Notice of Steem backed Dollar (SBD) Designation as a Cautionary Trading Item

Posted on: December 30, 2024, 18:15 KST

Hello. This is Upbit, the most trusted global standard digital asset exchange.

Steem Dollar (SBD) has been designated as a cautionary trading item, and as a result, the deposit service will be temporarily suspended. (According to Article 17, Paragraph 1 of the Digital Asset User Protection Act Enforcement Decree)

Please find below the detailed reasons for the designation of this asset as a cautionary trading item. If you hold this digital asset, please review the information below.

[Reason for Designation as a Cautionary Trading Item]

Target markets: SBD/KRW, SBD/BTC
Reason for Designation as a Cautionary Trading Item: Upbit has conducted a comprehensive review of Steam Dollar (SBD) based on the best practices for digital asset trading support, considering factors such as the asset's purpose, function, status of trade, and adoption. It was found that there are several shortcomings, which may potentially lead to harm to users. Therefore, Upbit has designated Steam Dollar (SBD) as a cautionary trading item to protect investors.
Cautionary trading item designation period: December 30, 2024 (Mon) 18:15 KST to January 13, 2025 (Mon) 23:59 KST

[Steps After Designation as a Cautionary Trading Item]

Once an asset is designated as a cautionary trading item, Upbit will typically conduct a detailed review of the asset to determine whether to extend the cautionary designation, remove it, or ultimately end trading support.
During the review process, the cautionary trading item designation period may be extended, and if this happens, we will inform you through this notice.
If the reasons for the designation of the cautionary trading item are not fully resolved during the review period, Upbit will issue a separate notice regarding the end of trading support. The exact schedule for the termination of trading support will be provided in the end-of-support notice.
Digital assets designated as cautionary trading items will not be accepted for deposits after the time of this notice. All deposits will be subject to return.
Upbit’s designation of digital assets as cautionary trading items and the termination of trading support are based on the digital asset trading support termination policy.

[Temporary Suspension of Deposits]

Target digital asset: Steam Dollar (SBD)
Deposit suspension time: December 30, 2024 (Mon) 18:15 KST
Deposit resumption time: Will be announced following the procedure after the designation of the cautionary trading item.

[Important Notes Regarding Deposits]

After the suspension of deposit support, deposits of SBD may not be reflected in the Upbit account, and in such cases, recovery may not be possible. Please make sure not to deposit after the deposit suspension time.
During the suspension of deposit support, the process of returning deposits for the affected digital asset will be temporarily halted and will be processed sequentially once deposit support resumes.
If deposit suspension occurs, delays may arise due to network congestion, and there may be a difference between the confirmation time of transactions on the blockchain network and the time when the deposit is reflected.
Deposits may occur on some blockchain networks before or after the suspension time, but due to our wallet system’s processing situation, normal processing will not be possible during the maintenance period. After the maintenance is complete, deposits will be processed sequentially, and this may cause delays in reflecting on member accounts.
In cases of unexpected maintenance, such as wallet or network checks, deposits may occur on some blockchain networks before or after the notice. However, normal processing will not be possible during the maintenance period, and once the maintenance is completed, deposits will be processed sequentially, which may cause delays in reflecting on member accounts.
If any special circumstances arise regarding the resumption of deposit support, we will notify you through this notice.

Upbit will always strive to ensure safe trading for our members.

Thank you.

※ Digital assets are high-risk products and may result in the loss of all or part of your investment.