The large crypto exchange provided information regarding the upcoming Bitcoin Cash hard fork
Bitcoin Cash hard fork is coming: another exchange announced its plans. Source: shutterstock.com
To support the upcoming Bitcoin Cash hard fork, Binance will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC), the crypto exchange announced on its official website.
Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).
As the Bitcoin Cash hard fork may result in two different chains, Bitcoin Cash ABC and Bitcoin Cash SV, Binance will halt trading in all existing Bitcoin Cash markets at 2018/11/15 4:40:00 PM (UTC). The exchange will prepare for the two potential scenarios below:
- The Bitcoin Cash hard fork does not result in a second coin. In this scenario, Binance will resume trading on all original Bitcoin Cash pairs. The exact time of trading will be released in a separate announcement.
- The Bitcoin Cash hard fork results in a second coin being created. In this scenario, Binance will distribute both BCHABC and BCHSV to users, each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash balances.
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