Search ForexCrunch
  • Bitfinex system’s upgrade to enhance platforms stability.
  • Bitfinex assured traders of funds safety and on-time updates.

Bitfinex, a leading cryptocurrency exchange is currently undergoing a scheduled system upgrade. As communicated by the exchange, the maintenance commenced on August 1 and will see the system’s stability enhanced. In addition to that, the iFinex matching engine will have its scalability improved.

During the time of the upgrade, which started at 9.30 a.m. UTC, all services offered by the exchange will be offline. The upgrade is estimated to take between two to three hours, however, it could be longer.

“The platform upgrade will require taking all iFinex trading platforms offline for the duration of the maintenance period. This means that traders across both Bitfinex and Ethfinex will be unable to trade, view or access their wallets during the update,” Bitfinex wrote Medium.

Due to this, the exchanged advised the traders to plan ahead to avoid inconveniences.

“We kindly ask all our traders to plan ahead accordingly and make the necessary account adjustments prior to the start of the platform upgrade.”

Traders have also been assured that their funds will remain safe during the entire maintenance period. Moreover, “No orders will be executed during downtime.” At the same time “Users will not be liquidated during downtime.” Traders can monitor Bitfinex Twitter account for updates during and after the upgrade.