Binance Exchange has revealed it will undergo a service upgrade later this week with notable advice for its community members.
Leading cryptocurrency exchange, Binance has notified its users and members of the public of an upcoming upgrade. This scheduled move, which the exchange says is different from others, aims to improve overall system performance and stability. It will commence at 06:30 UTC on September 25 and take approximately 3 hours to complete.
Binance Users’ Assets Are Safe
According to the digital asset service provider, users will likely experience intermittent interruptions to all services during the upgrade. This includes account login, registration, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and other account-related features. Furthermore, Binance clarified that users may be temporarily locked out of their accounts.
Binance will be performing a scheduled account services upgrade on 25 Sep 6.30am (UTC) and there may be intermittent interruptions to all services during the upgrade.
We seek your understanding as we improve to better serve you.
Read more 👇 https://t.co/V6heWJFDQ4
— Binance (@binance) September 23, 2024
Additionally, taking any action on positions or orders may be impossible. The interruptions are expected to last no more than a few minutes for each user, after which they can access products again. Considering the exchange’s size and market share, the potential interruptions are likely to disrupt the activities of the broader crypto market.
Trades conducted via API are an exception, as they will not be affected alongside users’ data and assets. Users are always advised to avoid any risk or loss during the upgrade.
Binance Founder Release Draws Closer
In other Binance-related news, the exchange’s former CEO and founder, Changpeng Zhao, will complete his four-month jail term by the end of this week. The US Federal Bureau of Prisons website confirmed that his release is scheduled for September 29. In preparation for his release, CZ has already been moved from prison to a halfway house in the Residential Reentry Management office in Long Beach, California.
Once out, CZ is expected to move to Dubai to reunite with his family and continue working on Giggle Academy, his newly launched educational initiative for children. Although, he is still a defendant in the U.S. Securities and Exchange Commission (SEC) securities laws violation lawsuit against Binance and its US-based exchange.
Meanwhile, the SEC recently regretted using the term “crypto asset securities” and has proposed amending the lawsuit regarding its use.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making decision.
