Dear Users,
Bitcoin Cash is expected to perform a hard fork protocol upgrade at 20:00 on November 15, 2020 (UTC+8). Huobi Global will support the BCH hard fork if it occurs. In order to reduce the potential trading risks of market fluctuations during the fork and fully guarantee the security of our users’ assets, we will adopt the following plans (the time involved will be notified through other announcements, please stay tuned):
I. About Spot and OTC Trading
This upgrade is expected to fork Bitcoin Cash out of two chains, BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node). Since there is no fair naming standard for the BCH fork in the current community, Huobi Global respects the opinions and consensus of the community and users and will set a transition period for the fork. After the community has formed a consensus on BCH naming, we will end the transition period and rename BCHA or BCHN.
To support the fork upgrade, Huobi Global will perform the following operations before it:
1. Suspend all BCH Exchange trading pairs.
2. Suspend BCH Margin loan services (Completed Now). Suspend all BCH Margin trading pairs (Isolated-Margin & Cross-Margin) and perform forced liquidation. It is recommended that users select the opportunity to close their positions and cancel orders before November 13, 2020.
3. Suspend BCH fiat trading.
4. Suspend BCH deposits and withdrawals.
5. Take a snapshot of BCH assets of Huobi Global accounts (Exchange, Futures, Fiat, Margin, Mining Pool) as the basis for candy distribution.
The system will automatically execute order cancellation and position closing operations at the specified time. Please take necessary precautionary risk control measures by canceling orders in advance or repaying loans.
II. About BCH Coin-Margined Futures and Swaps
1. Huobi Futures will deliver and suspend the BCH/USD coin-margined futures in advance at 16:00 on Nov. 13, 2020 (GMT+8, Friday). BCH/USD futures with four expirations including weekly, bi-weekly, quarterly, bi-quarterly will all be delivered and suspended at that time.
2. Huobi Futures will deliver and suspend the BCH/USD coin-margined swaps at 11:00 on Nov. 15, 2020 (GMT+8, Sunday).
Click here for more: Announcement on the Suspension of BCH Coin-Margined Futures and Swaps
III Risk Reminder
1. The BCH market price may fluctuate sharply recently, please take precautions in advance.
2. Huobi Global will open BCHA and BCHN trading services after the candy distribution. Please pay attention to the follow-up announcement.
3. The above is Huobi Global's plan based on the latest market information, community and user opinions and consensus to ensure the smooth operation of the market. The time involved will be notified through other announcements. Huobi Global reserves the right to make reasonable adjustments to this plan.
4. Since there are still many uncertainties in the current fork, if one of the two parties decides to abandon the fork, HuobiGlobal will respect the opinions of the community and name the final winner BCH.
Huobi Global
October 30, 2020