The world’s largest exchange Binance on Monday said it has scheduled a major upgrade this week and users will face intermittent interruptions to all services. This coincides with co-founder Changpeng Zhao’s release from Federal Correctional Institution Lompoc facility in California on September 29.
Binance will perform a scheduled upgrade on Wednesday to improve the overall system performance and stability, as per an official announcement on September 23. It differs from other upgrades as the exchange confirms possible intermittent interruptions in all services. With Binance being the top crypto exchange, the service interruption may impact the crypto market.
The crypto exchange revealed that the upgrade will start at 06:30 UTC on September 25. Also, it will take approximately 3 hours to complete. Users may face intermittent interruptions to all services, including account login, registration, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and other account-related features.
“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,” the exchange added.
However, trading conducted through API, alongside users’ data and assets will not be affected. The exchange still warns users to avoid potential risks and losses during the system upgrade.
According to the US Federal Bureau of Prisons website, Binance founder Changpeng Zhao is scheduled for release on September 29. He was sentenced to four months in prison by a U.S. federal court in April this year on money laundering charges.
CZ is expected to return to Dubai, the UAE after prison release to reunite with his family. He will continue working on his recently launched educational initiative Giggle Academy.
He is also a defendant in the U.S. SEC securities laws violation lawsuit against Binance and the US-based exchange. In the latest development in the lawsuit, the SEC proposed to amend the lawsuit regarding the use of “crypto asset securities” without any mention of the word in the laws and the U.S. Congress.
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