Binance Halts Operations as CEO Zhao’s Release Approaches

Details of the Binance System Upgrade

According to an official statement from Binance, the upgrade will commence on Wednesday, September 25th, at 06:30 UTC. The maintenance is expected to last for approximately three hours, during which users may experience:

• Intermittent interruptions to account logins
• Disruptions in registration
• Interference with trading activities, including Spot, Margin, and Futures

Binance also noted that VIP account users and other account-related services may face brief disruptions. However, the company assured users that API trading and their data and assets would remain unaffected.

In its announcement, Binance emphasized, “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 influence on global trading volumes, these disruptions could ripple through the crypto market.

CZ’s Release from Prison

The crypto community is buzzing as Chang Peng Zhao’s release date approaches. Earlier this year, CZ was sentenced to four months in prison for allowing money laundering on his exchange. He pleaded guilty and agreed to pay a $200 million fine.

Upon his release, CZ is expected to return to Dubai to reunite with his family and continue his work with Giggle Academy, an educational initiative he launched prior to his imprisonment. However, it’s important to note that he faces a lifetime ban from managing or operating the centralized crypto exchange, as stated by current CEO Richard Teng.

Ongoing Legal Challenges

Zhao’s release does not mark the end of his legal troubles. He remains a key defendant in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance. This lawsuit alleges that Binance violated U.S. securities laws by offering unregistered “crypto asset securities” to American investors.

Recently, the SEC has proposed amendments to the lawsuit, particularly regarding the terminology surrounding “crypto asset securities.” This approach has drawn criticism for the lack of clarity in U.S. law concerning digital assets. The SEC, especially under Gary Gensler, has faced backlash for its increasing use of the term “crypto asset security.”