Upbit to Halt POL, GMT, and Polygon NFT Deposits and Withdrawals Ahead of Hard Fork

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Upbit to Halt POL, GMT, and Polygon NFT Deposits and Withdrawals Ahead of Hard Fork

South Korean cryptocurrency exchange Upbit has announced a temporary suspension of deposit and withdrawal services for several assets tied to the Polygon network. The halt, scheduled to take effect at 9:00 a.m. UTC on July 2, will affect POL, GMT, and all Polygon-based NFTs. The move comes in preparation for an upcoming hard fork on the Polygon network.

Scope of the Suspension

According to Upbit’s official notice, the suspension covers all transactions involving POL—the native token of the Polygon ecosystem—as well as GMT (Green Metaverse Token) and any non-fungible tokens (NFTs) issued on the Polygon blockchain. The exchange cited the need to ensure network stability and asset security during the hard fork event.

What the Hard Fork Means

A hard fork is a significant protocol upgrade that can introduce new features or change existing rules in a way that makes previous blocks and transactions invalid—or vice versa. During such events, exchanges typically pause deposits and withdrawals to prevent potential issues such as double-spending or lost funds. Upbit has not specified the exact nature of the Polygon upgrade, but similar measures are common industry practice to protect users.

Impact on Traders

For traders holding POL or GMT on Upbit, the suspension means they will be unable to move these assets to external wallets or other exchanges during the freeze. Trading within the platform may continue, but users should plan accordingly if they need to transfer funds for staking, DeFi participation, or other on-chain activities. The suspension also affects NFTs minted or traded on Polygon, which could impact collectors and marketplace participants who rely on Upbit for fiat on-ramps or off-ramps.

Broader Context

Upbit, one of the largest cryptocurrency exchanges by trading volume globally, frequently issues such notices ahead of network upgrades. The exchange has a history of coordinating closely with blockchain developers to minimize disruption. This is not the first time Polygon has undergone a hard fork; the network has implemented several upgrades to improve scalability, security, and functionality.

POL, which replaced MATIC as the native token of the Polygon ecosystem in late 2024, plays a central role in network governance, staking, and transaction fees. GMT, meanwhile, is a utility token for the STEPN fitness app and runs on multiple blockchains, including Polygon. The temporary suspension may cause short-term liquidity constraints for these tokens on Upbit.

Conclusion

Upbit’s decision to suspend deposits and withdrawals for POL, GMT, and Polygon-based NFTs is a precautionary measure tied to an upcoming network hard fork. Users should monitor official announcements for updates on when services will resume. While such suspensions are routine, they underscore the importance of planning ahead during major blockchain upgrades.

FAQs

Q1: When does the Upbit suspension start?
The suspension begins at 9:00 a.m. UTC on July 2.

Q2: Which assets are affected?
POL, GMT, and all NFTs based on the Polygon network are affected.

Q3: Can I still trade POL or GMT on Upbit during the suspension?
Trading within the platform may continue, but deposits and withdrawals will be paused until the hard fork is completed and network stability is confirmed.

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