Bitfinex Stop Trading for 7 Hours Major Upgrade Coming


Major cryptocurrency exchange Bitfinex has announced that the exchange will stop trading for up to 7 hours next week in a Medium post.

According to the post, the exchange will go offline for up to 7 hours to carry out system upgrades on 26 June. The post further explains that Ethfinex exchange (exchange of the same firm) also goes offline for the same period.

Users deposit and withdrawal are not processed during the downtime period. Users are not able to trade on the exchange and see their wallet balance.

Bitfinex explains that the upgrade will improve the stability and scalability of the iFinex matching engine. Bitfinex promises all users funds are safe and users do not need to any steps to safeguard the assets.

Open orders are not during the upgrade period and will start matching after the exchange goes live. Another important update is that users margin trades are not liquidated during the downtime period. Users get some time to review the margin risks and requirements to avoid liquidation.

The upgrade is scheduled to 26 June, however, if the market is too volatile then the upgrade may be postponed. The upgrade is set to be of 7 hours but the upgrade time may vary. Users get an update on twitter and telegram official channel of Bitfinex, 5 minutes before the platform goes live and users able to trade after 10 minutes.

Bitfinex launched its own coin IEO (Initial Exchange Offering) last month and the coin is now at 14 positions on Coinmarketcap.

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