Cryptocurrency exchange Bitfinex has announced that it will be shutting down for maintenance on Wednesday, June 26.
The downtime is expected to be seven hours but may vary from six to eight hours.
The exchange has noted that the maintenance time will be used to update the matching engine, called iFinex.
The updates will include improvements to the stability and scalability of the program.
No Transactions Possible During Downtime
In Bitfinex’s announcement, the exchange informed the members of its platform that no activity of any kind will be possible while the site is offline.
This includes the ability to check wallet balances.
No trading or other functions can be performed during the downtime.
If users are concerned about the safety of their assets, the exchange has assured their members that there is no need for them to worry and that they won’t need to take any action to ensure the security of their wallet.
Any orders still pending when the site is pulled down for maintenance will not be executed until full functionality is restored.
This practice is designed to give users peace of mind since order execution may mean liquidation of their wallets.
Ethfinex Will Also Be Offline
Ethfinex will also be down concurrently with Bitfinex.
Both exchanges will be undergoing maintenance.
Platform updates are periodic processes that several other cryptocurrency exchanges carry out while operations remain active.
With other exchanges, there have been instances of people losing their assets when the sites go offline.
These losses are generally due to hacks or fraud.
Many people hold their cryptocurrency assets anonymously and may not wish to make a complaint even if they’ve been targeted by hackers.
But hackers are aware of this and may be emboldened to execute their attacks, knowing that they may not be reported.
The Exchange Had Carried out Leo Token Burns Earlier
A week before announcing the upcoming downtime, Bitfinex was in the news for announcing an initiative that enabled the burning of Leo tokens held by its users to pay trading fees.
The company said it plans to employ total transparency in the fees it charges, and the token burn was meant to be a precursor to this transparency.
Though the upcoming upgrades to the iFinex matching engine may not have a direct link to the burn program, it is expected that the cryptocurrency exchange will have a whole new look and feel once it restores normal activity.
The users likely expect an improved exchange with better access and trading facilities and features.
One interesting fact to note is that the update may be put on hold if Bitfinex finds that the market becomes too volatile in the interim.
This will be to protect users’ assets if the crypto market drops.
It also allows users to take advantage of a possible rise in the value of cryptocurrencies.