Cryptocurrency exchange Bitfinex declared that it will be offline for about eight hours a week later in a Medium post published on June 20.
Per the press release, the trade-off will go offline for up to seven hours to perform system upgrades on June 26. The post further specifies that Bitfinex’s hybrid counterpart Ethfinex may also near for maintenance simultaneously.
The downtime is comparable to that announced by major cryptocurrency exchange Binance before its scheduled system upgrade in May. As Cointelegraph reported once, the exchange warned its users that deposits, withdrawals, and trading will not are possible for about six to eight hours.
Bitfinex says that the update is meant “to improve the stability and scalability of the iFinex matching engine .” During the upgrade, the platform’s user will never be able to trade, view, or gain access to their wallets on the exchange.
Still, Bitfinex guarantees that traders are not needed to take any action as their funds are going to be safe, no orders are going to be executed throughout the downtime, and also users will not be liquidated throughout the upgrade.
Finally, the firm notes that — if market movements are extremely volatile — the update will be postponed.
Since Cointelegraph reported earlier this month, Bitfinex announced a burn initiative for its LEO tokens. The exchanges parent company iFinex may use some of its gross revenue to purchase the tokens at market price included in the UNUS SED LEO burn mechanism.