- Binance, via an official blog, announced a major system upgrade on September 25, leading to temporary service interruptions.
- Chang Peng Zhao, Binance co-founder and creator of the BNB coin will be released from the Federal Correctional Institutional Lompoc in California on September 29th.
On Monday, Binance, the world’s largest crypto exchange, announced that it would undergo a major system upgrade this week, causing temporary service interruptions. This development preceded the release of Binance, co-founder and creator of the BNB coin, from the Federal Correctional Institutional Lompoc in California on September 29th.
According to the crypto exchange via an official statement, the upgrade will commence on Wednesday, September 25th, at 06:30 UTC. The maintenance is expected to last for approximately three hours. Unlike other upgrades, Binanace has warned that users may encounter intermittent interruptions to all services, including account logins, registration, and various trading activities, such as Spot, Margin, and Futures.
Additionally, users of Binance’s VIP accounts and other account-related services may also experience brief disruptions. The company assures that API trading, along with users’ data and assets, will remain unaffected.
In its announcement, Binance stated, “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.” Given Binance’s massive influence on global trading volumes, such disruptions could ripple through the crypto market.
CZ’s Release from Prison
The crypto community is abuzz as Chang Peng Zhao’s expected release date from the Federal Correctional Institution nears. Going back a little, earlier this year, Chang Peng Zhao was sentenced to four months in prison for allowing money laundering on his crypto exchange. As we reported earlier, the influential crypto sphere figure pleaded guilty and agreed to pay a $200 million fine.
Upon his release, CZ is expected to return to Dubai, where he plans to reunite with his family and continue his work with Giggle Academy, an educational initiative he launched before his imprisonment. It’s important to keep in mind that early this month, CZ has a lifetime ban from “managing or operating” the centralized crypto exchange, according to current CEO Richard Teng.
That’s not all for him, as Zhao’s release doesn’t mean the end of his legal troubles. He remains a key defendant in the U.S. Securities and Exchange Commission’s lawsuit against Binance. The lawsuit alleges that Binance violated U.S. securities laws by offering unregistered “crypto asset securities” to American investors.
In recent events, the SEC has proposed amendments to the lawsuit, particularly concerning the terminology around “crypto asset securities.”The regulatory body’s approach has drawn criticism for the lack of clarity in U.S. law regarding digital assets.
Noting on the sideline, the SEC, especially Gary Gensler, has been highly criticized for its increased use of the terminology “crypto asset security.”
