the exchange will be offline for up to seven hours to upgrade the system on June 26, 2019. The post further determines that Bitfinex's hybrid partner Ethfinex will also be closed for maintenance at the same time.

Downtime is similar to what was announced by the Binance Exchange Exchange before a system upgrade scheduled for last May. The exchange also warned users that deposits, withdrawals and trade will be closed for six hours to eight hours.

Bitfinex stated that the upgrade was intended "to improve the stability and scalability of the iFinex matching engine." During upgrades, platform users cannot trade, view or access their wallets on the exchange.

Bitfinex promises that traders are not required to take any action because their funds will be safe during the upgrade process, no orders or orders will run during this downtime, and users will not be liquidated during the upgrade.