Blockchain & Crypto

Bitcoin Cash hard fork is coming: another exchange announced its plans

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).

Please leave sufficient time for deposits to be processed in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts
Binance

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:

  1. 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.
  2. 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.

SEE ALSO: Popular crypto exchange will support Bitcoin Cash hard fork

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