Bitcoin Cash is expected to perform a hard fork protocol upgrade at 20:00 on November 15, 2020 (GMT+8), which includes a new algorithm for computing difficulty adjustment and block reward adjustment. AOFEX will support the BCH hard fork if it occurs (the token symbol is BCHABC on AOFEX). 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:
1. About Spot 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, AOFEX 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.
1) C2C trading: Suspend BCHABC/AQ, BCHABC/USDT ，BCHABC/BTC，BCHABC/ETH trading pairs at 16:00, November 14, 2020 (GMT+8), and the orders of BCHABC/AQ, BCHABC/USDT, BCHABC/BTC, BCHABC/ETH will be canceled. Users who hold BCHABC assets must cancel the order in time before the trading is closed. The system will automatically cancel the order at the specified time, and return the assets to the wallet account;
2) Margin trading:Suspend BCHABC/AQ, BCHABC/USDT Margin loan services and suspend all BCHABC Margin trading pairs, and trigger forced liquidation of isolated margin. It is recommended that users select the opportunity to close their positions and cancel orders before 16:00, November 14, 2020(GMT+8). The system will automatically cancel the order at the specified time, and return the assets to the wallet account;
3) Deposits/withdrawals: Suspend BCHABC deposits and withdrawals at 18:00, November 14, 2020.
4) Assets snapshot: Take assets BCHABC of AOFEX accounts (Spot, Margin, contract) at 20:00, November 15, 2020(GMT+8) as the basis for candy distribution.
2. About Option Trading
Suspend BCHABC/USDT options at 14:00, on November 4, 2020 (GMT + 8), and suspend BCHABC to buy other trading options, delivery will not be affected before the suspension. The reopening time will be further announced. Please pay attention.
3. Contract trading
AOFEX will perform forced liquidation of BCH perpetual swaps at 10:00, November 14, 2020(GMT+8), and delist BCNABC perpetual swaps trading pairs, and return the assets to spot accounts. After the fork, the risk control parameters of BCHABC/USDT perpetual swaps will be adjusted, which will be further announced, please stay tuned.
- On the day of forced liquidation, the rate of trading is 0%, and users will not generate any additional fees including transaction fees.
- If there should occur any violent fluctuations before the suspension, please control risk by lowering leverages or closing positions in advance. If there are losses caused by forced liquidation at the delivery, the system will use insurance funds to compensate users first, and the remaining part that the insurance funds not able to compensate will enter into the clawback mechanism. Each profitable account will compensate based on the proportion of its profit.
- Please refer to the latest announcement for the trading resumption time of BCH perpetual swaps.
4. Risk Reminder
1)The BCHABC market price may fluctuate sharply recently, please take precautions in advance.
2) BCHABC will open BCHA and BCHN trading services after the candy distribution. Please pay attention to the follow-up announcement.
3)The above is AOFEX'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. AOFEX 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, AOFEX will respect the opinions of the community and name the final winner BCH.
Digital asset is a high-risk investment product featuring by wild fluctuation, round the clock trading and so on. We highly recommend that users involve and invest very carefully after understanding the rules and risks. It is highly necessary to be aware of the risks by considering the experience and tolerance.
Thanks for your support!
November 4, 2020