Update! Official Position Regarding the Upcoming Bitcoin Cash Hard Fork

In August 2020, Bitcoin Cash ABC announced plans to update the blockchain. All network nodes should receive the update by 15th November 2020 or become part of an alternative chain. The main innovations of the update include the following:

• ASERT is a new difficulty adjustment algorithm for speeding up the processes of forming new blocks.
• Coinbase Rule is a controller function for blocking those blockchains that do not donate 8% of income to the Bitcoin Cash development fund.

It was the latter issue which led to the division of the community and the creation of BCHN due to the lack of support of the Coinbase Rule.

To protect our traders and support the BCH hard fork, EXMO will take the following actions:

• For security reasons (replay attack prevention), BCH deposits/withdrawals will be temporarily suspended on 13th November 2020 at 16:00 UTC, but trading will be unaffected.
• After the BCH hard fork, EXMO will maintain a longer chain. The asset of the longer chain will be available in the listing.
• EXMO will not change the ticker and name of BCH to BCHN or BCH ABC. The chain with more blocks after the hard fork will be the “real” Bitcoin Cash with the BCH ticker on the exchange.
• EXMO will not add other alternative BCH assets to the listing, and therefore, will not charge them to users.

Follow the platform’s news to learn more about the results of the Bitcoin Cash fork and the resumption of BCH deposit/withdrawal functions on the exchange.

BCH hard fork update!

We received a huge number of requests from users regarding EXMO’s official position on the BCH hard fork. Our position has not changed: EXMO will support the chain with the largest number of nodes. At the same time, we listen to our users and want to inform them with the following information:

• If the hard fork results in two competing chains, we will credit users with BCH tokens from the dominant Bitcoin Cash chain.
• At the time of the fork, we will take a snapshot of user balances in BCH currency.
• As a result of the hard fork, a new asset, BCH (ABC), is likely to emerge. If we decide to add the asset to the EXMO listing, BCH holders will be credited with BCH (ABC) in a 1:1 ratio at the time of the hard fork.

We will do our best to ensure that the new BCH fork does not affect trading. However, please be aware that it may be necessary to temporarily suspend trading. If this is necessary, we will notify you.