Pre-FUD Announcement: Bitfinex and Ethfinex Going Offline June 26h to Upgrade Crypto Exchanges
With the skepticism of cryptocurrency exchanges in the last year going down for hacks or exit scams, Bitfinex has taken a transparent approach and announced the upgrade of their platform well in advance. Hong Kong based cryptocurrency exchange platform platform, Bitfinex on the 20th of June 2019 via Twitter said :
On June 26, Bitfinex will be offline for up to seven hours as we conduct a comprehensive platform upgrade for continued exchange innovation and scalability.
— Bitfinex (@bitfinex) June 20, 2019
A statement was also released on the details of the downtime
“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,” reads the announcement. “This includes, amongst other things, laying the foundation for the launch of derivatives trading on Bitfinex.”
Here's what you need to know for the day it goes down:
Affected Crypto Exchanges
Notably the announcement stated that this upgrade will require taking all iFinex trading platforms offline for the 7 hours which includes their Bitfinex and Ethfinex platforms.
During this period traders will not be able to trade, view as well as have access to their wallets. You should consider pulling all your funds from there just in case. I'm sure it will roll out smoothly, but if you need access, you won't have it for at least 7 hours.
They also outlined some details of the 7 hour downtime.
- All assets on the platforms will remain safe and secure.
- No open orders will be filled during this period, regardless of price movement
- Bitfinex and Ethfinex users will not be liquidated during this period, hence users are advised to reevaluate their open margin requirements.
However, per the announcement, the 26th of June upgrade is still open to change if the cryptocurrency market is deemed too volatile for a downtime. With the way the current market is headed, if prices jump during that time, they may choose to push it to another day.
iFinex LEO Token
LEO (LEO) , the new exchange token recently raised about 1 billion dollars for iFinex in sales.
LEO is similar to the Binance coin (BNB) as it provides discounts on transaction fees and lending fees on Bitfinex and EOSfinex platforms.
Bitfinex plans to repurchase the LEO Token every month at the market price with a minimum of 27% of the consolidated gross revenue of iFinex from the previous month, until 100 million LEO or less are remaining.