Bitcoin Cash (BCH) hard fork is scheduled for Nov 15 at approx. 7:00 a.m. EST, 2020. This may split the network into two separate blockchains: Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). For users holding BCH prior to the fork, they might receive two new assets in the event of successful fork.
This hard fork can result in uncertainty and possible market volatility of BCH. For the consideration of safeguarding users’ assets, BitMax.io will make the following arrangements:
1.BCH Deposits & Withdrawals
BCH deposits and withdrawals will be temporarily suspended starting Nov 14, 9:00 p.m. EST. Please take action in a timely manner and leave sufficient time for the transfers to be fully processed prior to the suspension. BitMax.io will handle all technical requirements for BCH holders on the platform.
2.BCH Hard Fork
There are two possible scenarios regarding the upcoming BCH hard fork:
- If the fork results in two competing chains, BitMax.io will credit users with BCH from the chain with the most work done. The platform will then credit users with the tokens from the minority chain at a ratio of 1:1 based on the BCH balance snapshot on Nov 14, 11:00 p.m. EST, 2020. Further details on the distribution will be elaborated in a follow-up announcement.
- If no new token is created post fork, then BitMax.io will resume BCH deposits and withdrawals ASAP.
3.BCH Cash & Margin Trading
BCH Cash Trading and Margin Trading will continue as normal.
However, please make note that BCH loan service will be temporarily suspended starting Nov 13, 10:00 a.m. EST, 2020. Existing loans and interests will NOT be affected.
Please take proper measures to reduce potential risk exposure.
- BCH market might experience extreme volatility before, during and after the fork. We encourage you to learn more about the fork in advance so you can take actions that are best for you.
- We will closely monitor network conditions to determine when we can safely resume deposit, withdrawal and loan service. Please stay tuned.
- User’s snapshot balance will include BCH loans and interests, but NOT unconfirmed BCH deposits or pending BCH withdrawals.
We truly appreciate your continued support.
Nov 6, 2020
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