Top Crypto Exchange Suspends IOTA [MIOTA] Deposit and Withdrawal

The top cryptocurrency exchange as per market cap according to Coinmarketcap, OKEx has temporarily suspended MIOTA deposit and withdrawal due to IOTA’s synchronization nodes’ maintenance.

OKEx: “IOTA deposit & withdrawal suspended”

The top cryptocurrency exchange OKEx has announced that it is suspending the deposit and withdrawal services of IOTA. According to the Coinmarketcap, OKEx is the number one cryptocurrency exchange with the daily trading volume over $959 million. The exchange took to Twitter to announce the news.

IOTA Deposit & Withdrawal Suspendedhttps://t.co/KDlnZtWTN9 pic.twitter.com/EdZzf9ZUOs

— OKEx (@OKEx_) June 27, 2018

On its official website, the exchange clarifies:

“We will suspend the deposit and withdrawal services of IOTA from 17:00 June 27, 2018 (Hong Kong time) due to the maintenance of certain IOTA’s synchronization nodes. We will resume the services once the maintenance is completed and stable operations of the system is assured. The services resumption time will be made known in a further announcement.”

The suspension is only temporary as stated by the exchange as apparently maintenance is currently going on with IOTA’a nodes. MIOTA holders will have to wait for further details on the time when services will be resumed again.

Moreover, the exchange also cautioned the users to not to deposit their tokens or they will lose them forever. “Please do NOT deposit any IOTA tokens into the existing OKEx addresses. Otherwise, your asset will be lost and non-retrievable” reads the official announcement. The exchange basically trades IOTA against three cryptos viz. USDT, BTC, and ETH that registers the daily trading volume of $7.7 million, $3.9 million, and $1.1 million respectively.

Also, read: IOTA [MIOTA] & Komoda [KMD] Now Available for Cash in 400 Austrian Post Offices

IOTA [MIOTA] price analysis

The world’s 9th largest cryptocurrency is currently holding the $0.975 price value with a loss of 1.74 percent in the past 24 hours. IOTA is also 0.18 percent low in BTC market. With a market cap of $2.7 billion, it manages the daily trading volume of $48.7 million. In the past 24 hours, MIOTA went slightly over $1 before dropping to the $0.930 price level. But soon it took an upward swing.

However, in the past 1 month, IOTA has ascended to the $1.97 price mark before it went down on a constant downward slope as shown in the chart below.

Like other cryptocurrencies, IOTA’s price might not be reflecting the development it is making but the IOTA team is constantly working on updates, partnerships, and its adoption.

What are your views on the temporary suspension of IOTA deposits and withdrawals due to maintenance in its synchronization nodes?