Dear Users,
The Bitcoin Cash (BCH) network is scheduled to undergo a hard fork on Nov 15, 7:00 a.m. EST, 2020. Currently, there are two conflicting fork proposals: Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). As a result, users holding BCH prior to the fork might receive two new assets in the event of successful fork.
To mitigate potential trading risks caused by possible extreme market volatility during the fork, BitMax.io will make the following arrangements for the consideration of safeguarding users’ assets.
1. BCH Deposits & Withdrawals
BCH deposits and withdrawals will be temporarily suspended starting Nov 14, 9:00 p.m. EST. Please take action in a timely manner and leave sufficient time for the transfers to be fully processed prior to the suspension. BitMax.io will handle all technical requirements for BCH holders on the platform.
2. BCH Hard Fork
There are two possible scenarios regarding the upcoming BCH hard fork:
- If the fork results in two competing chains, BitMax.io will credit users with BCH from the chain with the most work done. The platform will then credit users with the tokens from the minority chain at a ratio of 1:1 based on the BCH balance snapshot on Nov 14, 11:00 p.m. EST, 2020. Further details on the distribution will be elaborated in a follow-up announcement.
- If no new token is created post fork, then BitMax.io will resume BCH deposits and withdrawals ASAP.
3. BCH Cash & Margin Trading
BCH Cash Trading and Margin Trading will NOT be affected.
However, please make note that BCH loan service will be temporarily suspended starting Nov 13, 10:00 a.m. EST, 2020. Existing loans and interests will NOT be affected.
Please take proper measures to reduce potential risk exposure.
Additional Notes:
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BCH market might experience extreme volatility before, during and after the fork. Please take precaution against possible risks.
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Regarding the timeline to resume deposit, withdrawal and loan service, please stay tuned for further announcement.
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User’s snapshot balance will NOT include unconfirmed BCH deposits or pending BCH withdrawals. However, BCH loans and interests will be included in the balance calculation.
We truly appreciate your continued support.
BitMax.io Team
Nov 6, 2020
Official Telegram: https://t.me/BitMaxioEnglishOfficial
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