Hard fork of Bitcoin Cash: what are the policies of the main trading platforms (Binance, Coinbase, …)?

As a reminder, the fork of Bitcoin Cash, which occurred on November 15th, split the BCH blockchain into two distinct chains:

 

  • Bitcoin Cash ABC (BCHABC)
  • Bitcoin Cash SV (BCHSV)

What happens to users who owned Bitcoin Cash on an exchange platform at the time of this fork? An important question, since even if this mode of “storage” is not recommended, we know that many savers tend to leave their corners on such sites.

Binance distributed BCHABC and BCHSV to BCH holders

As announced on his blog, Binance has distributed Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to all eligible users. Thus, for each BCH held on the platform on November 15 at 5:40 pm, French time, netizens were credited with 1 BCHABC and 1 BCHSV.

Binance opened trading pairs BCHABC / BTC, BCHABC / USDT, BCHSV / BTC and BCHSV / USDT on the morning of November 16. The site states that “the deposits and withdrawals of BCHABC and BCHSV will be opened when their blockchains and their wallets will be usable and stable”.

For their part, the Poloniex and Bitfinex platforms have also distributed BCHABC and BCHSV to owners of BCH:

Note that Bitfinex has chosen the BAB symbol for Bitcoin Cash ABC and the BSV symbol for Bitcoin Cash SV. The site says he does not know which of these corners will inherit the BCH symbol.

Coinbase: take your trouble

But other platforms have not yet made the least distribution. This is the case of Coinbase, which announced the day of the fork that it “paused” the activity of the BCH:

When writing this article, the Californian unicorn had not yet indicated what she was planning to do:

The company, however, specifies in an article that “if another viable channel exists, customers will have the opportunity to withdraw their funds at a later date. We think it could take a few weeks, but it could be longer. ”

Whatever the final outcome of the fork, Coinbase says it will “do its best to allow its customers to get their funds on each channel”.

And its users could wait a long time. During the previous chain splits (that of ETH and ETC and that of BTC and BCH), the site had waited several weeks to several months before proceeding to the distribution of “forked” corners.

Bittrex distributes corners, Poloniex sulks Bitcoin Cash SV

For its part, Bittrex had announced the day before the fork that it would temporarily pause the BCH.

 

 

 

 

“Bittrex will watch the Bitcoin Cash network for a period of 24 to 48 hours to determine if a chain split has occurred, and what the result will be.”

The site had decided that the BCH symbol would be awarded to BCHABC. And to specify the BCH corner holders would receive automatically, in a ratio 1: 1, corners BSV (Bitcoin Cash SV).

On Saturday, the platform reported on Twitter that BCH’s deposits and withdrawals were open:

Before opening on Monday morning deposits and withdrawals of Bitcoin Cash SV (symbol BSV):

When writing this article, Bittrex proposed the BCH / BTC (Bitcoin Cash ABC / Bitcoin) and BSV / BTC (Bicoin Cash SV / Bitcoin) trading markets.

Kraken, another popular exchange platform, revealed that Bitcoin Cash ABC was now presented under the symbol BCH:

The site said in the night from Sunday to Monday that users holding Bitcoin Cash during the fork received their Bitcoin SV:

 

 

 

 

Comments (No)

Leave a Reply