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The biggest exchange in the world On Monday, Binance announced that all services will experience sporadic disruptions due to a significant update that is planned for this week. This is in line with co-founder Changpeng Zhao's September 29 release from the Federal Correctional Institution Lompoc in California.
Binance Reports Outages During Significant Update
An official notification on September 23 states that Binance will carry out a scheduled upgrade on Wednesday to enhance overall system performance and stability. This upgrade is distinct from others since it validates the possibility of sporadic disruptions in every service. Given that Binance is the leading cryptocurrency exchange, the market for cryptocurrencies may be impacted by the outage.
The upgrade is scheduled to begin on September 25 at 06:30 UTC, according to the cryptocurrency exchange. It will also take about three hours to finish. All services, including account registration, login, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and other account-related features, may experience sporadic disruptions.
Users might experience a brief inability to access their accounts, modify their positions or orders, or log in at all during this time. Users will be able to access products again immediately after the disruptions, which could last a few minutes for each individual user, the exchange stated.
However, user data and assets will remain unaffected, as will trading carried out through API. Users are still advised by the exchange to stay safe and minimize losses while the system is being upgraded.
Changpeng Zhao's Return To Dubai Following His Release From Prison
Changpeng Zhao, the founder of Binance, is slated to be released on September 29, according to the US Federal Bureau of Prisons website. A U.S. federal judge sentenced him to four months in jail in April of this year on allegations of money laundering.
After being released from prison, CZ is anticipated to visit his family in Dubai, United Arab Emirates. He is going to keep working on Giggle Academy, his freshly established educational endeavor.
In the complaint filed against Binance and the US-based exchange for violating securities laws, he is also a defendant. The SEC requested to alter the complaint in the most recent development over the usage of "crypto asset securities" without referencing the term in the laws or the Congress of the United States.