At approximately 11/15/2020 4 AM (PST), 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.US will handle the hard fork as per the following:
1. BCH Deposits & Withdrawals
Binance.US will suspend BCH deposits and withdrawals at 11/15/2020 2 AM (PST). 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.US.
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.US 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 11/15/2020 4 AM (PST) as stated above. Further details regarding this distribution will be stated in a separate announcement.
Scenario B: No new coin is created. Binance.US 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.US 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.