Bitfinex and Ethfinex will interrupt services for an upgrade
Crypto

Bitfinex and Ethfinex will interrupt services for an upgrade

By Marco Cavicchioli - 21 Jun 2019

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On June 26th, 2019 Bitfinex and Ethfinex will go offline for a platform upgrade.

This upgrade was announced on the Ethfinex blog, which states that the interruption should last up to seven hours and that the upgrade will improve the stability and scalability of the trading engine of iFinex, the company that manages the two exchanges.

The date set is June 26th, but if the market is determined to be too volatile, the update may be postponed.

The platform update will require the interruption of all trading activities for the entire duration of the maintenance period and requires that the two platforms be kept offline: it will therefore not be possible to access the wallets or display and trade funds.

Users will not have to do anything other than wait. They will be able to access their accounts when the platforms return online once the update is complete. All funds will remain safe and unaltered during the upgrade.

No orders will be executed during the downtime, but all open orders will be retained, automatically resuming when the platform is back online.

Withdrawals and settlements will also be suspended. Since, if prices change significantly during the downtime period, there is the risk that settlements will automatically be initiated when trading is resumed. The company, therefore, urges all traders to review their margin requirements before the interruption of services and assess the risks arising from market movements on open margin positions.

This upgrade is designed to provide a more sophisticated trading experience and to further differentiate Ethfinex and Bitfinex from other exchanges. For instance, it will lay the foundations for the launch of derivatives trading.

For more information on the progress of the work, it will be possible to refer to the status page of Ethfinex and the official Twitter account.

A warning will be issued 5 minutes before reopening. Trading will resume 10 minutes after the platform is back online.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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