Dear OKEx Users,
The Bitcoin Cash (BCH) network is expected to undergo a hard fork around November 15, 2020 (HKT), with two competing node implementations: Bitcoin Cash ABC and Bitcoin Cash Node. Users holding BCH before the fork may receive two new assets. OKEx has outlined the handling plan for its platform services and fork-related assets as follows:
1. Spot and Margin Trading
- November 8, 2020, 11:00 (HKT): BCH margin borrowing will be suspended.
- November 14, 2020, 11:00 (HKT): System-enforced loan repayments will be triggered. Users with active loans in BCH/USDT or BCH/BTC margin pairs must repay before this time.
- November 14, 17:00 (HKT): Spot and margin trading services will pause, and all open orders will be canceled.
- November 14, 18:00 (HKT): BCH deposits will be suspended. Users are advised to deposit BCH in advance. OKEx will handle technical issues during the fork.
👉 Learn more about margin trading adjustments
2. Futures and Perpetual Contracts Handling
A. Contract Specifications
- OKEx’s BCHUSD and BCHUSDT futures/perpetual contracts will track the original BCH chain pre-fork. Post-fork, the contracts will follow the higher-valued chain as determined by major exchanges.
B. Index Adjustments and Risk Control
If exchanges delist BCH trading pairs, OKEx will adjust risk controls:
- Price Limits: Maximum/minimum order prices will be set at ±15% of the previous minute’s average price.
- Liquidation: Triggered based on the mid-market price instead of the mark price.
- Funding Rates: Adjusted to 0 during instability.
C. Leverage Tier Adjustments
- To mitigate volatility risks, OKEx will reduce maximum leverage and increase maintenance margin requirements for BCH contracts.
D. New Contract Listings
- No new weekly/quarterly BCH contracts will be generated until after the fork.
3. Fiat (C2C) Trading
- November 8, 11:00 (HKT): BCH C2C trading will be suspended.
4. Financial Services
- Savings: Users will continue earning interest on BCH holdings. No action is required.
- C2C Loans: BCH collateral loans will be suspended on November 8, 11:00 (HKT). Borrowers must repay by November 14, 11:00 (HKT) to avoid forced repayment.
5. Forked Asset Distribution
- Snapshot: On November 15, 21:00–21:05 (HKT), OKEx will snapshot BCH balances.
- Naming Convention: The higher-valued chain will inherit the "BCH" ticker; the other chain’s tokens will be airdropped 1:1 to users’ accounts.
- Post-Fork: OKEx will announce deposit/trading resumption timelines separately.
Risk Reminder
Cryptocurrencies are volatile and high-risk investments. Assess your risk tolerance and invest prudently.
OKEx remains committed to providing exceptional services and products.
OKEx Team
October 28, 2020
FAQ Section
Q1: Will my BCH holdings be safe during the fork?
A: Yes. OKEx will handle technical complexities, and users will receive both forked assets.
Q2: When can I trade the new assets?
A: OKEx will announce trading resumption after confirming network stability.
Q3: Why are leverage tiers being adjusted?
A: To reduce liquidation risks during high volatility.
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