Binance to Support Upcoming Network Upgrades for Shentu and Conflux

Cryptocurrency exchange Binance has announced its support for the forthcoming network upgrades and hard forks for Shentu (CTK) and Conflux Network (CFX). The upgrades are scheduled to take place within the next week, and they come with specific timelines for suspending and resuming deposits and withdrawals for the respective tokens.

Shentu Network Upgrade Details

The Shentu (CTK) network upgrade and hard fork are set to occur at block height 14,875,800, approximately on September 6, 2023, at 13:30 UTC. Binance will suspend deposits and withdrawals of CTK starting from 12:30 UTC on the same day. The exchange clarified that “the trading of CTK will not be affected during the network upgrades and hard forks.”

Conflux Network Upgrade Details

Similarly, the Conflux Network (CFX) will undergo its network upgrade and hard fork at the Conflux epoch of 79,050,000. Deposits and withdrawals for CFX will be temporarily halted starting from September 7, 2023, at 16:00 UTC. As with the Shentu upgrade, trading for CFX will continue uninterrupted. (See Exclusive interview with Conflux CEO by Blockchain.News)

Technical Requirements and Token Stability

Binance has assured its users that it will “handle all technical requirements involved for all users holding CTK and CFX in their Binance accounts.” Notably, neither of the network upgrades will result in the creation of new tokens.

Resumption of Services

The exchange will reopen deposits and withdrawals for both CTK and CFX once it assesses the upgraded networks to be stable. Binance has stated that it “will not notify users in a further announcement” regarding the resumption of these services.

Additional Information

For those interested in more technical details, the upgrades are associated with Shentu Release v2.7.2 and Conflux v2.3.0 Hardfork Upgrade. Voting outcomes for these proposals have also been documented.


The network upgrades are crucial for both Shentu and Conflux Network as they aim to improve scalability, security, and overall performance. While Binance’s support provides a level of assurance for token holders, it’s essential for users to be aware of the timelines to manage their assets effectively.

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Hong Kong SFC Finalizes Regulatory Framework for Virtual Asset Trading Platforms

The Securities and Futures Commission (SFC) of Hong Kong concluded a consultation period today, revealing the finalized regulatory requirements for operators of virtual asset trading platforms licensed by the SFC.

Over the consultation period, the SFC collected 152 written submissions from stakeholders including industry and professional associations, professional and consultancy firms, market participants, licensed corporations, and individuals. These respondents largely welcomed the proposed measures, although several requested clarifications. Following an assessment of the feedback, the SFC made modifications and clarifications to some of the proposed requirements.

In a notable decision, the SFC has approved the proposal to allow licensed platform operators to cater to retail investors, with the majority of respondents showing agreement. To safeguard these investors, the SFC will introduce robust measures such as suitability assessments during onboarding, rigorous token due diligence, admission criteria, improved governance, and mandatory disclosures.

“Hong Kong’s comprehensive virtual assets regulatory framework adheres to the principle of ‘same business, same risks, same rules’, with a key focus on robust investor protection and risk management,” said Ms. Julia Leung, the SFC’s Chief Executive Officer. “This will foster sustainable industry development and support innovation.”

The newly released Guidelines for Virtual Asset Trading Platform Operators will come into effect from 1 June 2023, setting out key expectations such as the secure custody of assets, segregation of client assets, avoiding conflicts of interest, and complying with cybersecurity standards and requirements.

The SFC will provide further guidance on new regulatory requirements, license application procedures, and transitional arrangements. The application forms for trading platforms will be available on 25 May 2023 and the SFC will begin accepting applications on 1 June 2023.

In response to the regulations, operators are encouraged to apply for a license if they can comply with the SFC’s standards. Those unable or unwilling to comply should arrange for an orderly closure of their operations in Hong Kong.

To protect investors, the SFC will continue working with the Investor and Financial Education Council to educate the public about the risks of trading on unregulated platforms. At the time of this announcement, the SFC has not approved any virtual asset trading platform to provide services to retail investors. Most platforms currently accessible to the public are not regulated by the SFC.

The market’s response to the new regulations has been mixed, with the Hong Kong concept token CFX(Conflux) experiencing a pullback.

Currently, Hong Kong’s SFC has licensed only two virtual asset trading platforms: OSL Exchange and HashKey Pro. With the new regulatory framework set to take effect in June, this marks a significant milestone in Hong Kong’s efforts to regulate the fast-growing virtual asset sector.


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