In line with a resolution passed by the Digital Asset Exchange Association (DAXA), of which Upbit is a member, trading support for Linear Finance (LINA) will be discontinued.
Upbit has issued an announcement regarding the cessation of trading support for Linear Finance (LINA).
DAXA member firms have the authority to take protective measures for the benefit of investors, such as issuing investor warnings, identifying specific factors for consideration, and discontinuing trading support.
The decision to terminate trading support for certain digital assets aligns with the strategy of categorizing these assets as cautious and discontinuing trading assistance.
Effective from 19:00 on October 20, 2023, trading support for this digital asset will cease. All previously placed buy and sell orders in the market will be collectively canceled during this transition.
Following this notice, services such as airdrops, wallet upgrades, hard forks, and more for the digital asset in question, for which trading support is being terminated, will no longer be supported.
Upbit identified issues with Linear Finance (LINA) digital assets utilized as collateral for the ℓUSD stablecoin, as they were not maintaining a proper peg to the dollar, resulting in significant value fluctuations.
Even after the cessation of market trading support for this digital asset, withdrawals will continue to be supported for a period of 30 days, lasting until November 19, 2023, as per the trading support termination policy.
Please note that this information is not intended as investment advice.