Binance System Upgrade on Sept 25: Key Details and Impact

Binance System Upgrade on September 25: What You Need to Know

Binance, the world’s largest cryptocurrency exchange, has scheduled a major system upgrade for September 25. This upgrade aims to enhance overall system performance and stability. The announcement comes amid significant developments for Binance’s co-founder, Changpeng Zhao, who is set to be released from a federal correctional facility later this month.

Details of the Scheduled Upgrade

According to Binance’s official announcement on September 23, the system upgrade will commence at 06:30 UTC on September 25 and is expected to take approximately three hours to complete. During this period, users may experience intermittent interruptions in various services, including account login, registration, and trading across all platforms such as Spot, Margin, Futures, and P2P. VIP account services and other account-related features will also be affected.

“During this period, users may temporarily be unable to log into their account and/or take any action on their positions/orders. The interruptions may last a few minutes for each individual user, and users will be able to access products again shortly after,” stated the exchange. Binance assured that trading conducted through API, as well as users' data and assets, will remain unaffected. However, the exchange cautioned users to be aware of potential risks and losses during the system upgrade.

Changpeng Zhao’s Return to Dubai

Coinciding with the scheduled upgrade, Binance’s co-founder Changpeng Zhao, commonly known as CZ, is set for release from the Federal Correctional Institution Lompoc in California on September 29. CZ was sentenced to four months in prison earlier this year on charges of money laundering. Following his release, he is expected to return to Dubai to reunite with his family and continue his work on Giggle Academy, his newly launched educational initiative.

CZ is also involved in ongoing legal battles, including a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its U.S.-based exchange for securities laws violations. The latest development in the lawsuit saw the SEC proposing to amend the charges to include "crypto asset securities," reflecting the evolving regulatory landscape around digital assets.

Impact on the Crypto Market

The scheduled upgrade by Binance is significant as the exchange plays a crucial role in the cryptocurrency market. Any service interruption, even if temporary, can have ripple effects across the market. Traders and investors are advised to take necessary precautions and avoid potential risks during this period.

In conclusion, Binance’s upcoming system upgrade and CZ’s return mark important events for the exchange and the broader crypto community. Users are encouraged to stay informed and manage their activities accordingly to navigate these changes smoothly.

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