In a medium publication on June 20, 2019, Bitfinex, a Hong Kong-based cryptocurrency exchange informed its customers that Bitfinex and its sister company, Ethfinex will be going offline for seven hours on June 26, 2019, in order to improve the stability and scalability of the iFinex matching engine.
Platform Upgrade on Bitfinex and Ethfinex
Per the announcement, Bitfinex and Ethfinex will be offline for seven hours on Wednesday, June 26, 2019, in a bid to enhance the stability and scalability of the iFinex matching engine. The update is also aimed at improving the trading experience on the exchange in order to set it aside from other virtual asset exchanges. One of such is laying a foundation that will be used for derivatives trading on Bitfinex.
Furthermore, the digital currency exchange has outlined that the upgrade involves taking all the iFinex trading platforms offline. As a consequence, users of Bitfinex and Ethfinex will be unable to trade, view, or access their wallets during the upgrade. Open orders will also be put on hold and they will be resumed once the system’s update has been completed.
Customers are to Make Preparations for the Upgrade
Customers are not required to do anything during the upgrade but are expected to plan ahead by making the necessary account adjustments. Users have also been assured that their funds will remain safe during the process. In the exchange’s own words “All funds will remain safe and unaffected throughout the platform upgrade, and will not be at risk at any point.”
Bitfinex has, however, noted that seven hours is a long time to suspend digital asset trading, and as such, it says it has taken every measure to ensure that the platform upgrade is done seamlessly. Nonetheless, the upgrade may be postponed depending on the volatility of the crypto market on the said date.
The announcement of the planned upgrade by Bitfinex can be compared to that of Binance, a Malta-based cryptocurrency exchange which carried out its own in May this year. At the time, users were unable to deposit, trade, or withdraw their crypto assets between six to eight hours.