As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to navigate through unexpected events with grace and patience. The upcoming Binance upgrade and the return of Changpeng Zhao (CZ) from prison have certainly stirred up some excitement and apprehension in the community.
Starting this week, the world’s largest cryptocurrency exchange, Binance, has announced a significant system update, which may result in occasional disruptions to all its services. This update comes at a time when co-founder Changpeng Zhao is being released from the Federal Correctional Institution Lompoc facility in California on September 29th.
Binance Notifies About Interruptions During Major Upgrade
On Wednesday, Binance is planning a scheduled update to enhance the general system efficiency and reliability across all services, according to an official statement on September 23rd. Unlike previous upgrades, this one might cause temporary disruptions in all services, as confirmed by Binance. Given that Binance is the leading cryptocurrency exchange, any interruption could potentially affect the overall crypto market.
On September 25 at 06:30 UTC, the cryptocurrency exchange has announced that an upgrade will begin. This process is expected to last around 3 hours. During this time, users might experience occasional disruptions to all services such as account access (login, registration), trading activities (Spot, Margin, Futures, P2P), VIP account services, and other account-related functionalities.
For a while, you might find it difficult to access your account or make changes to your trades/positions due to temporary system issues. These disruptions could last a few minutes per user, but don’t worry, you’ll be able to resume using our products soon after. The platform has confirmed this.
As a researcher, I’d like to clarify that the API-based trades and associated user data and assets remain unaffected during our system upgrade. However, we strongly advise our users to be mindful of potential risks and potential losses that might arise during this process.
Changpeng Zhao’s Return To Dubai After Prison Release
The official US Federal Bureau of Prisons site indicates that Changpeng Zhao, the founder of Binance, is set to be released on September 29th. In April of this year, a U.S. federal court sentenced him to four months in prison due to money laundering allegations.
After being released from prison, it’s anticipated that CZ will travel back to Dubai, United Arab Emirates to be with his loved ones once more. He plans to carry on developing his newly established educational program known as the “Giggle Academy”.
Additionally, he finds himself named as a defendant in the ongoing U.S. Securities and Exchange Commission (SEC) lawsuit against Binance and a US-based exchange. In a recent turn of events within this legal battle, the SEC has proposed modifying the lawsuit to address the issue of “cryptocurrency asset securities” without explicitly mentioning it in existing laws or Congress.
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2024-09-23 12:21