South Korean cryptocurrency exchange Bithumb has announced two significant operational updates affecting major altcoins. First, the exchange has temporarily suspended all deposit and withdrawal services for the Injective (INJ) token to facilitate a critical network upgrade for the Injective Protocol. The suspension began at 10:00 a.m. UTC on April 7, 2025, with no specified end time. Bithumb confirmed that while INJ transfers are halted, spot trading of INJ against cryptocurrencies like Bitcoin (BTC) and Tether (USDT) will continue uninterrupted.
The suspension is a standard security measure to prevent transaction errors during the blockchain's transition and to allow the exchange to synchronize its systems with the new protocol rules. Bithumb stated that services will resume after thorough testing confirms network stability, urging users to monitor official channels for restoration announcements.
In a separate but related regulatory development, Bithumb, in coordination with the Digital Asset eXchange Alliance (DAXA), has extended the delisting watchlist designation for the Venus (XVS) token. The extension grants the exchange additional time for a "more thorough examination" and to seek further clarification from the Venus project team regarding initial compliance concerns.
DAXA, a self-regulatory body comprising South Korea's top five exchanges, aims to standardize listing and delisting procedures. The watchlist mechanism serves as a formal warning period where a project must address exchange concerns, which typically involve regulatory compliance, transparency, or technical security. The extension for XVS indicates a complex review process, not an immediate delisting verdict. During this period, XVS trading on Bithumb continues.
Market analysts note that such exchange-led reviews are becoming a global trend, with coordinated actions by DAXA members preventing regulatory arbitrage. The outcome of the XVS review could influence how other DeFi protocols interact with major centralized exchanges worldwide. For INJ, the temporary suspension reflects the ongoing technical evolution of blockchain infrastructure and the responsible role exchanges play in supporting network upgrades.
