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

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 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.

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

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.