Bitget will Support the Planned Hard Fork OF BCH(Bitcoin Cash)

Dear Bitget users,

Bitcoin Cash is expected to perform a hard fork protocol upgrade at 20:00 on November 15, 2020 (UTC+8). Bitget will support the BCH hard fork if it occurs. In order to reduce the potential trading risks of market fluctuations during the fork and fully guarantee the security of our users’ assets, we will adopt the following plans, the time involved will be notified through other announcements.

  • BCH Spot Trading Deposits & Withdrawals

1.Bitget will suspend BCH deposits and withdrawals at 2020/11/12 16:00 PM (UTC+8). Please ensure that you leave sufficient time for your BCH transfers to be fully processed prior to the time above. We will handle all technical requirements for users holding BCH on Bitget.

2.Suspend all BCH Exchange trading pairs at 2020/11/12 16:00 PM (UTC+8).

  • BCH Perpetual Contracts Trading

Suspend all BCH trading pairs (Isolated-Margin & Cross-Margin) and perform forced liquidation.

It is recommended that users select the opportunity to close their positions and cancel orders before 2020/11/12 16:00 PM (UTC+8)

  • Take the snapshot of BCH assets

Bitget will take a snapshot of BCH assets of your Bitget accounts as the basis for candy distribution.

The system will automatically execute order cancellation and position closing operations at the specified time. Please take necessary precautionary risk control measures by canceling orders in advance or repaying loans.

Regarding the BCH Hard Fork

The two likely scenarios to occur with the Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) contentious hard fork are:

Scenario A: The fork results in two competing chains.

Scenario B: No new coin is created.

As per the latest data from Coin.Dance, 73.6% of BCH blocks have signaled support for BCHN over the last 7 days, compared to 0.8% for BCHA. If this signaling status continues through the hard fork, Bitget will treat the BCHN chain as the future BCH chain. Should the signaling support change prior to the hard fork, Bitget reserves the right to update the treatment of the chain split in a further announcement.

Risk Reminder

1. The BCH market price may fluctuate sharply recently, please take precautions in advance.

2. Bitget will open BCHA and BCHN trading services after the candy distribution. Please pay attention to the follow-up announcement.

3. The above is the plan based on the latest market information, community and user opinions and consensus to ensure the smooth operation of the market. The time involved will be notified through other announcements. Bitget reserves the right to make reasonable adjustments to this plan.

4. Since there are still many uncertainties in the current fork, if one of the two parties decides to abandon the fork, Bitget will respect the opinions of the community and name the final winner BCH.

Bitget Team

4 Nov 2020

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Bitget was established in 2018 and is located in Singapore, it’s a global leading cryptocurrency derivatives exchange and ranks top 5 worldwide.