Top cryptocurrency exchange Bitfinex has announced on that on the 2nd of september, it will be having a scheduled upgrade.
According to the exchange, the upgrade is designed to enhance the stability and scalability of the iFinex infrastructure and new trading products.
The upgrade is expected to commence at 8:30AM UTC. The upgrade will put off services for a maximum of 3 hours. Despite the time given by Bitfinex, it also warned that the duration of the upgrade is only a rough estimate and that the precise time may change according to market movements.
Since the upgrade is on the iFinex infrastructure, all trading platforms during the period will be offline. Users of both Bitfinex and Ethfinex will now be able to utilize the services during this time.
Bitfinex advised users to plan ahead of the scheduled upgrade so as not to be caught unaware.
For traders, the exchange pointed out that no orders will be executed during the period of the upgrade however, all open orders will be kept.
All funds will remain safe and unaffected through out the platform upgrade. Also, margin traders are advised to review their margin requirements and assess the risk of the market movement on their open margin position before the maintenance commences.
Users will not be liquidated during the upgrade but if the price moves significantly during the upgrade, they are at risk of liquidation as and when the platform is reopened.
Trading is expected to start immediately the platform opened. But users will be notified 5 minutes to the time the platform will be reopened.
Founded in 2012, Bitfinex is a digital asset trading platform offring services for cryptocurrency traders and global liquidity providers. It provides peer to peer financing, OTC market and margin trading for a wide variety of cryptocurrenceis.
Crypto Exchange Binance Might be Investigated for Money Laundering in India
What are shitcoins? Watch this Video to learn
Appealing to Regulators, Binance launches a Tax Reporting Tool
Leaving China, Crypto Exchanges Cancels Most of their Chinese Businesses
Patricia sponsors Big Brother Naija the 2nd time after recording 13k Users in 12 Hours
Yes! Bitcoin at $38k, See Why they Say It Has A Mind of its Own
The CBDC will lower the cost of doing business – CBN
Nigeria’s CBDC to Run on Hyperlegder Fabric
NatWest Suspends Payments to Binance
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
Hedge Trading on OKEx
Trading cryptocurrency seems cumbersome to new traders, especially those new to the crypto space. There have been a lot of...
The Chances of BTC Dropping to 40k Is Slim – Prateek Suri
The founder and Chief Executive Officer of the Maser group, Prateek Suri joined Tony Obiajuru this morning, 15th March, 2021...
Binance Smart Chain; CeFi or DeFi?
The controversy around whether or not the Binance Smart Chain is centralized or decentralized was cleared on the Inside Blockchain...
How Earnathon is Making Crypto Adoption Easier
Earnathon is making cryptocurrency education and adoption easier with its unique learn and earn platform. It’s no news that the...
NaijaCrypto CEO Says CBN Cannot Ban Cryptocurrency Trading
The Chief Executive Officer of NaijaCrypto, Chiagozie Iwu has said on the Inside Blockchain Show powered by CryptoTVPlus that the...