Last Updated: November 16, 2020
The Bitcoin Cash (BCH) network hardforked on November 15, 2020. There are currently two forked chains, Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). Per our initial announcement below, the chain with the higher priced forked asset inherited the BCH name. As the current price of BCHN is higher than that of BCH ABC, BCHN has been adopted as the new BCH.
BCHABC tokens will be airdropped to users' Funding Accounts at a 1:1 ratio based on the snapshot taken between 5:00 AM to 5:05 AM PST on November 15. The new BCH assets will remain in user accounts. Please refer to follow-up announcements concerning the BCHABC airdrop.
OKCoin will resume BCH service according to the following schedule:
Deposits, Trading, Withdrawals
- BCH/USD, BCH/EUR spot trading will resume at 8:00 PM PST on November 16.
- BCH/USD margin trading will resume at 11:00 PM PST on November 17.
- BCH deposits and withdrawals will resume at 2:00 AM PST on November 18.
- BCH savings service will resume along with BCH margin trading 11:00 PM PST on November 17.
- BCH allocated for savings pre-hardfork will receive interest as normal.
OKCoin will support the Bitcoin Cash (BCH) network upgrade scheduled for November 15, 2020 that is expected to result in a hardfork. In advance of this network upgrade, deposits, withdrawals, and trading of BCH will be temporarily suspended according to the schedule below:
- At 7:00 PM PST on Nov. 7, margin lending for BCH will be suspended.
- Users who have borrowed coins from the BCH/USD margin pair (including borrowing BCH, USDT, and BTC currency pairs), are required to return the coins before 7:00 PM PST on Nov. 13. At that time, a mandatory repayment will be triggered by the system for loans that are not returned.
- At 1:00 am PST on Nov. 14, spot and margin trading services will be suspended and all market orders will be canceled.
- At 2:00 am PST on Nov. 14, the deposit function will be suspended.
The market may experience higher than usual volatility, and the adjustment period of the index components may also cause relatively large changes in contract prices when margin trading. Therefore, we will gradually adjust the BCH contract's tiered maintenance margin ratio in the near future. This will reduce the maximum leverage of the BCH contract, and increase the maintenance margin ratio under different tiers of the BCH contract to reduce the clawback risk.
In the event of a successful fork, OKCoin users holding BCH prior to the fork will receive the newly forked asset at a 1:1 ratio.
- From 5:00 am to 5:05 am PST on Nov. 15, the system will take a snapshot of the total BCH equity in users' OKCoin accounts. This snapshot will last five minutes.
- After the fork is completed, we will refer to the trading prices of the forked currency pair on major exchanges; the the chain with the higher price will inherit the BCH name. The tokens of the minority chain will be airdropped to users' funding accounts at a 1:1 ratio. The new BCH coins will still be kept in the your accounts, while the airdropped assets can be found via Assets > My Assets > Funding Account. Airdrop data will be determined based on the BCH snapshot taken between 5:00 am to 5:05 am PST on Nov. 15.
- After the fork is successfully completed, we will separately announce the deposit open time in regard to the new BCH and forked tokens, as well as the market open time for spot and margin trading services.
In the meantime, keep an eye on our Twitter and blog for more info.
Thank you for your continued support and we assure you our best services at all times.