Coinbase, Binance Announce Support for Bitcoin Cash (BCH) Hard Fork
The Bitcoin Cash (BCH) hard fork is looming and two of the largest cryptocurrency exchanges have announced support for the update.
Major cryptocurrency exchanges Coinbase and Binance have announced support for the upcoming Bitcoin Cash (BCH) hard fork scheduled for November 15.
The upgrade event may lead to a code split of Bitcoin Cash due to a difference in consensus between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain. According to Wright, the changes proposed by ABC would not fit the protocol’s original vision, prompting nChain to release its own full node BCH client, called Bitcoin SV.
Coinbase revealed on Friday it was going to support the “published roadmap from bitcoincash.org,” meaning the exchange is backing the ABC client in its proposal to remove the topological transaction order constraint as well as enforcing the canonical transaction order.
Coinbase also stated that it would “pause sends and receives” approximately one hour before the fork to minimize transaction disruption for users and ensure the hard fork complies with the exchange’s security standards.
“We will update our customers throughout the upgrade process and about the outcome of the fork once the network reaches consensus. In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain,” Coinbase added.
Industry peer Binance shared similar sentiment, but supported both sides of the split. The exchange said that it would provide customers with access to coins on the new blockchains, although it would restrict access following the fork until the upgraded or new coins are stable and secure.
Binance is going to take a snapshot of the holdings at the desired time on November 15, 2018, at 04:40 PM (UTC). Moreover, all the trading actions including the deposits and withdrawal will be suspended from November 15, 2018, at 03:00 PM (UTC).
“Please leave sufficient time for deposits to be processed in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts,” the company warned, adding that it will further notify its customers when BCH deposits and withdrawals will reopen.
The BCH price seems to have responded positively to the news of Coinbase and Binance support, rising from $430 to over $560 in a matter of two days. As of press time, the token is changing hands at $564.15 — 4.36% up in the past 24 hours. The total market cap of the fourth-largest cryptocurrency was $9.83 billion.