The Daily: Bitfinex Schedules Exchange Downtime, Koinex Adds New Security Features

Ifinex, the operator of Bitfinex and Ethfinex, is planning to briefly restrict access to the crypto trading platforms on Jan. 7 while migrating data to its new servers in Switzerland. Also in The Daily on Sunday, Indian exchange Koinex has updated its security features and Huobi’s mining subsidiary is preparing to launch a new trading platform dedicated to an altcoin.

Also read: Wallet Hacking Debate Heats Up, Bitcoin-Based Patreon Alternative Emerges

Ifinex Switches From AWS Cloud to Own Servers

Hong Kong-based cryptocurrency exchange Bitfinex and its subsidiary Ethfinex will temporarily halt trading on Monday, Jan. 7, 2019. The two platforms will be offline for three to seven hours, during which time their operator, Ifinex, will complete the migration of all data to new servers. Account holders will not be able to access their wallets and all features will be inaccessible for the duration of the upgrade.

In an announcement, Ifinex revealed it’s switching from AWS cloud services to a self-designed infrastructure. The exchanges will now be using its own dedicated servers in a data center located in the Swiss Crypto Valley. The hardware is suitable for high-volume trading and the company tweeted that the move aims to “significantly enhance platform speed, security and performance.” Ifinex further explained:

The last stage in this process necessitates taking Ifinex trading platforms offline, meaning that Bitfinex and Ethfinex account holders will be unable to trade or access their wallets during the transition.

The operator also noted that the change will bring some benefits to users. For example, the combination between selected hardware and new order submission gateways can potentially double the speed of processing. Ifinex also claims the bare-metal servers are inherently more secure as they are running dedicated custom hardware and are not reliant on a third-party cloud service.

Koinex Introduces Security Updates

India’s leading crypto exchange Koinex has unveiled new security features for its customers. The trading platform explained on Medium that the additional layers of security applied to the accounts will provide greater protection for users’ funds and add new functionalities. Koinex also promised to release more security updates in the future.

A special “Protection Mode” is now automatically activated after signing in. It prevents any withdrawals of digital assets for the first 10 minutes of each session. During that time, users can lock their account if they suspect it has been compromised. However, clients will be able to start trading immediately after they log in and the mode does not restrict P2P fiat withdrawals of the Indian rupee.

Koinex developers have also introduced an additional verification step for cryptocurrency withdrawals. Now each withdrawal request will have to be confirmed over email, which users can do by following a verification link they will receive to their registered email address.

The notification email sent to account holders after they sign in now has a “Lock My Account” link that allows them to block any transaction if they suspect fraudulent activity. The link will take users to a security page, where they’ll be able to lock their account and delete any open orders. When an account is locked, all crypto withdrawal requests that have not been confirmed by email are cancelled automatically.

Huobi Pool to Launch EOS-Dedicated Exchange

Huobi Group announced that its crypto mining subsidiary, Huobi Pool, is preparing to launch a new digital asset exchange in the first quarter of 2019. The platform will be focused on EOS and will allow users to trade the coin against a number of other cryptocurrencies. Commenting on the announcement, Huobi Pool’s chief executive officer Cao Fei stated:

As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.

In the past few months, Huobi Pool has been working closely with the EOS community. The company has taken part in the building of an EOS testchain called the Crypto Kylin Testnet, which can be used to evaluate EOS-based projects.

Singapore-based Huobi group is a major crypto company that operates the third largest cryptocurrency exchange by daily trading volume, Huobi. It has been expanding its business recently in a number of sectors and markets.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock, Koinex.

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