Clients will be unable to trade and access their Bitfinex and Ethfinex accounts during a platform upgrade that may take up to seven hours on June 26.
Cryptocurrency exchanges Bitfinex and Ethfinex will be unavailable to traders for up to seven hours on June 26 because of a major, comprehensive platform upgrade.
The said scheduled upgrade reportedly will enhance the iFinex matching engine, specifically its stability and scalability.
According to the Bitfinex announcement:
“The June 26th update is designed specifically for us to be able to deliver a more sophisticated trading experience, further separating Bitfinex from the remainder of the digital asset trading space. This includes, amongst other things, laying the foundation for the launch of derivatives trading on Bitfinex.”
Despite the iFinex trading platforms going offline, Bitfinex assures traders that their funds “will remain safe and unaffected throughout the platform upgrade, and will not be at risk at any point.”
The cryptocurrency exchange also informed its clients that the platforms will not execute any orders during the maintenance period. In the case of open orders, they will remain as is and will not be affected by price movements.
We appreciate that up to seven hours is a significant length of time, but we ensure our users that we have taken every measure to make this upgrade as seamless as possible.
— Bitfinex (@bitfinex) June 20, 2019
Moreover, Bitfinex warns of the risk of liquidation when the platform reopens:
“…traders should be aware that if the price moves significantly during this time, they are at risk of liquidation as and when the platform is reopened. In line with this, we kindly ask all traders to review their margin requirements and assess the risk of market movement on their open margin positions before entering the maintenance window.
Meanwhile, the June 26 scheduled upgrade may be pushed to another date depending on certain cryptocurrency market conditions and highly volatile market movements.