South Korean cryptocurrency exchange Bithumb has temporarily halted deposits and withdrawals for its STPT tokens as part of its rebranding initiative. This move, announced ahead of a planned IPO and aimed at streamlining operations, is expected to create market ripples. The company’s restructuring aims to enhance risk management and preparation for an eventual Initial Public Offering. These actions are not uncommon in the industry, as major exchanges often undertake such procedures to mitigate regulatory risks and prepare for future expansion. Market participants have noted a 2% dip in XRP prices following Bithumb’s announcement, reflecting the broader market’s sensitivity to these operational shifts at leading exchanges.