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Announcement Regarding the Upcoming Bitcoin Cash Hard Fork

Announcement Regarding the Upcoming Bitcoin Cash Hard Fork

2020-11-03 07:07
Fellow Binancians,
At approximately 2020/11/15 12:00 PM (UTC), the Bitcoin Cash (BCH) blockchain is scheduled to undergo a hard fork. It is likely that there is a chain-split between the two main BCH clients, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN), making this a contentious hard fork that may result in an additional token.
As such, to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork, Binance will handle the hard fork as per the following:
1. BCH Deposits & Withdrawals
Binance will suspend BCH deposits and withdrawals at 2020/11/15 10:00 AM (UTC). 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 Binance.
2. 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. Binance will credit users with BCH from the chain with the most work done. We will then also credit users with the coin from the minority chain at a ratio of 1:1 based on the snapshot of BCH balances at 2020/11/15 12:00 PM (UTC) as stated above. Further details regarding this distribution will be stated in a separate announcement.
Scenario B: No new coin is created. Binance will then resume BCH deposits and withdrawals as soon as possible.
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, Binance will treat the BCHN chain as the future BCH chain. Should the signaling support change prior to the hard fork, Binance reserves the right to update the treatment of the chain split in a further announcement.
3. BCH Spot & Margin Trading
Spot trading: BCH spot trading will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Margin trading: BCH cross and isolated margin trading will not be affected. However, Binance will suspend BCH borrowing from 2020/11/13 8:00 AM (UTC) to 2020/11/16 8:00 AM (UTC). Please note that liquidations remain possible under extreme price volatility.
4. BCH Futures Trading
At 2020/11/03 10:00 AM (UTC), Binance will adjust the maximum leverage for the BCHUSDT perpetual contract and the BCH coin-margined perpetual futures contract to 20x. Please note that existing positions will not be affected. For further details please refer to Leverage and Margin in Coin-Margined Futures Contracts and Leverage and Margin of USDT Futures Contracts.
At 2020/11/09 8:00 AM (UTC), Binance will conduct an automatic settlement on the BCH coin-margined perpetual futures contract and then delist the contract. Please refer to the Delisting Process of A Futures Contract for more details. The BCHUSDT perpetual futures contract will continue trading unaffected. Please be aware that in the event of extreme price movement or deviation from the index price, Binance will undertake additional protective measures, including but not limited to changing the constituents of price index. For further details please refer to Mark Price in USDT-Margined Perpetual Futures Contract.
5. Binance Leveraged Tokens - BCHUP & BCHDOWN
At 2020/11/09 8:00 AM (UTC), Binance will delist BCHUP & BCHDOWN and halt trading on BCHUP/USDT & BCHDOWN/USDT trading pairs. All existing trade orders will be canceled.
Please note: Users are advised to trade their BCHUP and BCHDOWN tokens into other tokens prior to the delisting. If users are still holding BCHUP or BCHDOWN tokens after the delisting time, Binance will convert these tokens to USDT based on the net asset value (NAV) of the tokens at the time of delisting and will distribute the USDT to user accounts within 5 working days. BCHUP and BCHDOWN tokens will then be removed from user accounts after the distribution is complete.
6. Other BCH related items
The OTC Trading Portal will suspend BCH trading from 2020/11/13 8:00 AM to 2020/11/16 8:00 AM (UTC).
BCH was also already temporarily removed as a collateral option for the loans service starting from 2020/10/30 9:00 AM (UTC). Users that currently have BCH as collateral for a loan should reassess their risk position as liquidation may occur under high price volatility.
Further notes:
  • Unconfirmed BCH deposits, pending BCH withdrawals and BCH used as loan collateral will not be counted in user snapshot balances.
  • BCH balances in fiat wallets, savings accounts, sub-accounts and margin account net balances will be combined into each master account’s total BCH balance. Any additional coins resulting from the hard fork will also be credited to master accounts.
  • A further announcement will be made regarding the timing of deposits and withdrawals resuming, as well as further information about the BCH chain split that may affect the above.
Thanks for your support!
Binance Team
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