Bitfinex Will Be Offline for 7 Hours on June 26

Marco Verch / Flickr

iFinex, the owner of Hong Kong-based cryptocurrency exchange Bitfinex, recently announced plans to pause operations on the platform for up to 7 hours for a system upgrade on June 26.

“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.”

iFinex notes that users won’t have to take any actions during the system upgrade and all funds will remain safe. No orders will be executed during the downtime. Notably, traders will not be liquidated during the downtime but if any significant price action happens during that time, the margin requirements will be assessed immediately after the platform goes live again.

As we previously reported, iFinex recently raised $1 billion through a token sale for its new exchange token, LEO (LEO).

Like Binance Coin (BNB), LEO tokens provide discounts on trading and lending fees on Bitfinex and EOSFinex. According to the LEO offering prospectus, Bitfinex will be re-purchasing LEO on a monthly basis at the market price using at least 27% of iFinex’s consolidated gross revenue from the previous month ‚ÄĒ until 100 million or fewer LEO are left. Tokens used for fees “may also be burned.”

More: Bitfinex to Complete Platform Upgrade on June 26
Image: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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