Binance to Temporarily Suspend Services on September 25 for Scheduled System Upgrade

Coinspeaker

Binance to Temporarily Suspend Services on September 25 for Scheduled System Upgrade

Binance, the world’s largest cryptocurrency exchange, will temporarily suspend its services on September 25, 2024, as part of a scheduled system upgrade. The maintenance, set to begin at 06:30 (UTC), will last approximately three hours, during which users may experience brief interruptions across various services.

According to Binance’s official announcement, the upgrade aims to improve the platform’s overall performance and stability. During maintenance, essential services such as account login, registration, and trading across Spot, Margin, Futures, Peer-2-Peer (P2P), and VIP accounts may be affected.

Users to Expect Minimal Service Interruptions

The company also warned that users might face disruptions in other account-related features during the upgrade. However, Binance has reassured its customers that these interruptions will be brief, with services resuming shortly after the maintenance concludes.

While Binance works to enhance its infrastructure, the company has advised users to plan their trade and account activities before the scheduled downtime to avoid inconveniences. The exchange will provide real-time updates on the upgrade through its official channels, including its website and social media platforms.

The company is known for routinely conducting system upgrades to optimize the user experience and maintain the platform’s high standards of service. These efforts are particularly important given the platform’s growing global user base of more than 200 million.

Earlier this year, in May, Binance conducted wallet maintenance for the Ethereum blockchain, which resulted in a temporary shutdown of deposits and withdrawals from the network. The maintenance lasted for two hours, during which no ETH-related activities were allowed until it was successfully completed.

Before this, the exchange had already conducted similar maintenance for the Solana blockchain. Unlike the previous maintenance, which lasted for a couple of hours, Solana’s wallet upgrade required a two-day suspension of network activities due to an increased volume of transactions.

CZ Binance Expected to be Freed Soon

Meanwhile, the upcoming system upgrade coincides with anticipation surrounding the release of Binance’s founder and former CEO Changpeng Zhao (CZ), which is expected to take place on September 29, 2024. CZ was sentenced to four months in federal prison in the United States in April 2024 for failing to implement sufficient security measures to protect the exchange from money laundering activities.

Since then, the Binance boss has been held at California’s Federal Correctional Institution Lompoc facility. However, once his release is secured, he is expected to reunite with his family in Dubai.

As part of his deal with US prosecutors, CZ has been barred from ever rerunning Binance. However, he can still vote on proposals or decide on the company’s matters as a shareholder.

The former Binance boss had previously announced he had no intention of returning to a leadership role or launching a new venture in November 2023 when he stepped down from Binance.

“I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a private coach/mentor to a small number of upcoming entrepreneurs. If for nothing else, I can at least tell them what not to do,” he said.

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Binance to Temporarily Suspend Services on September 25 for Scheduled System Upgrade