- Binance alerts users about potential service interruptions due to a significant system upgrade.
- The upgrade is engineered to enhance overall system performance and stability.
- This upgrade coincides with the release of co-founder Changpeng Zhao from a federal correctional facility.
Binance schedules a major system upgrade with potential service interruptions, coinciding with co-founder Changpeng Zhao’s release, aiming to boost overall performance and stability.
Binance Plans Major System Upgrade with Potential Service Interruptions
On Monday, Binance, the world’s largest cryptocurrency exchange, announced a major system upgrade scheduled for Wednesday. This upgrade aims to improve overall system performance and stability, with an anticipated duration of approximately three hours starting at 06:30 UTC on September 25. Binance has alerted users that they may experience intermittent interruptions across all services, including account login, registrations, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and various other features.
Details and Timing of the Scheduled Upgrade
In an official statement released on September 23, Binance clarified that intermittent interruptions might affect users’ ability to log into their accounts or execute actions on their positions/orders. However, the crypto exchange assured that any disruptions would be brief, allowing users to re-access products shortly after each interruption. Importantly, trading via API and users’ data and assets will remain unaffected during the upgrade, though users are advised to exercise caution to minimize potential risks and losses.
Changpeng Zhao’s Imminent Release and Return to Dubai
According to the US Federal Bureau of Prisons, Binance co-founder Changpeng Zhao, who has been serving a four-month sentence for money laundering charges, is slated for release on September 29. Zhao will return to Dubai, UAE, to reunite with his family and continue his involvement in the cryptocurrency sector.
Implications of Zhao’s Release on Binance and the Crypto market
Zhao’s release precedes his continued defense in the ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which accuses Binance of violating U.S. securities laws through the use of “crypto asset securities.” Recently, the SEC proposed amendments to the lawsuit, avoiding the term “crypto asset securities” as it awaits further legislative clarity from the U.S. Congress. Zhao is expected to keep contributing to Binance’s growth and his recently launched educational initiative, Giggle Academy.
Conclusion
The upcoming system upgrade from Binance signifies a crucial step towards enhancing platform stability and performance, albeit with some temporary inconveniences for users. Concurrently, Changpeng Zhao’s return could influence Binance’s strategic direction amid ongoing legal challenges. The intersection of these events underscores the dynamic and evolving nature of the cryptocurrency landscape, urging market participants to remain informed and vigilant.
