Binance Announce Support of Upcoming Bitcoin Cash Hard Fork


Binance, one of the biggest cryptocurrency exchanges on the planet, has announced full support of the upcoming Bitcoin Cash hard fork scheduled for November 15.

More Companies Announce Bitcoin Cash Hard Fork Policies

Just days after Ledger, one of the largest hardware wallet providers globally, announced their own policy on the upcoming Bitcoin Cash hard fork, cryptocurrency exchange giant Binance has stated that it will be supporting both sides of the split. The news comes via a post on the firm’s designated blog. It reads:

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).”

The post goes on to state that the exchange will suspend all deposits and withdrawals an hour before the proposed time of the hard fork. Binance also said that customers should make sure to leave sufficient time for the processing of deposits and that they will make a second announcement after the snapshot to inform users of the resumption of deposits and withdrawals.

Binance are the second major cryptocurrency firm in a week to announce their policy on the upcoming Bitcoin Cash hard fork. On Tuesday, hardware wallet provider Ledger stated via its Medium account that it would be temporarily stopping functionality of Bitcoin Cash services until after the fork had been successfully completed:

“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically. The reason for closing the service during this time is to prevent unwanted transactions (resulting from “replay attacks”), causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time.”

Ledger went on to state that those wishing to transact using the crypto should use a third-party wallet service but do so at their own risk. The hardware wallet manufacturer added that those simply wanting to store the altcoin could leave funds on Ledgers and would not be impacted.

Bitcoin Cash Price Jumps 10% on Binance Support

In a largely uneventful day for cryptocurrency markets, Bitcoin Cash prices seem to have responded positively to the news of Binance support. Over the last six hours, the price has surged from around $425 to $471. Such a sizeable move makes BCH the second best performer on CoinMarketCap in terms of a 24-hour percentage change.

Such large industry players announcing their policies on the upcoming hard fork may be acting as a signal to investors that the split between the Bitcoin ABC group and Craig Wright’s Satoshi’s Vision is definitely going ahead. Since those holding BCH at the time of the hard fork will receive an equal number of coins on both chains, the prospect of free coins seems the most likely driver for the current price movements.

Featured image from Shutterstock.



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