Binance announced through its official blog that it will conduct a major system upgrade on September 25, during which services will be temporarily interrupted. Binance co-founder and BNB coin creator Changpeng Zhao will be released from the Federal Correctional Institution in Lompoc, California on September 29.
Binance, the world’s largest cryptocurrency exchange, announced on Monday that it will be conducting a major system upgrade this week that will cause a temporary service outage. This comes ahead of the scheduled release of BNB coin co-founder and creator Changpeng Zhao from the Federal Correctional Institution in Lompoc, California, on September 29.
According to the official statement of the cryptocurrency exchange, the upgrade will begin at 06:30 UTC on Wednesday, September 25. The maintenance is expected to last about three hours. Unlike other upgrades, Binance warns that users may experience intermittent disruptions to all services, including account login, registration, and various trading activities such as spot, margin, and futures trading.
Additionally, users of Binance VIP accounts and other account-related services may also experience brief interruptions. The company assures that API transactions and users’ data and assets will not be affected.
Binance said in the announcement: "During this period, users may be temporarily unable to log into their accounts and/or take any actions on their positions/orders. The interruption may last for a few minutes for each user, after which users will be able to access the products again." Given Binance's huge influence on global trading volume, such interruptions may have an impact on the entire cryptocurrency market.
CZ is released from prison
The cryptocurrency community is abuzz as the expected release date of Changpeng Zhao from the Federal Correctional Institution approaches. Recall that earlier this year, Changpeng Zhao was sentenced to four months in prison for allowing money laundering activities on his cryptocurrency exchange. As we previously reported, the influential figure in the cryptocurrency space pleaded guilty and agreed to pay a $200 million fine.
After his release, Zhao Changpeng is expected to return to Dubai, where he plans to reunite with his family and continue working on Giggle Academy, an educational initiative he launched before his imprisonment. Notably, Zhao Changpeng was banned from "managing or operating" the centralized cryptocurrency exchange for life earlier this month, according to current CEO Richard Teng.
That’s not all for him, as Zhao’s release does not mean the end of his legal troubles. He remains the main defendant in the SEC’s lawsuit against Binance. The lawsuit accuses Binance of offering unregistered “crypto-asset securities” to U.S. investors in violation of U.S. securities laws.
In recent events, the SEC proposed changes to the lawsuit, specifically regarding the term "crypto-asset securities." The regulator's approach has been criticized for the lack of clarity in U.S. law regarding digital assets. Outsiders noted that the SEC, and Gary Gensler in particular, has been strongly criticized for increasing the use of the term "crypto-asset securities."
