CoinFLEX announcement on the upcoming BCH Fork

Announcement CoinFLEX announcement on the upcoming BCH Fork

Bitcoin Cash will be undergoing a software upgrade which may result in two separate chains, with Bitcoin ABC following the IFP (Infrastructure Funding Plan) and other node implementations not following IFP. CoinFLEX will consider the non-IFP blockchain to be “BCH” and the IFP version to be “BCH ABC” or simply “ABC”.

CoinFLEX will execute the following plans to protect the rights and interests of customers, and to avoid the uncertain risks caused by hard forking. These policies will cover the following instruments:

  • BCH Perpetual Swap Futures (BCH-USD-SWAP-LIN)
  • BCH Quarterly Futures (BCH-USD-201225-LIN)
  • BCH ABC Futures (BCHABC-USD-201225-LIN)
  • BCH Spot Market (BCH-USD)

 

CoinFLEX will be recognising all contracts and markets listed as “BCH” as the software compatible with the non-IFP side. This is consistent with the original contract specs we listed and is not a deviation from them in any way.

CoinFLEX reserves the right to not recognise the ABC fork if there is insufficient miner network support for the new fork by November 18th 2020. This will require a minimum of 250 blocks to be mined between noon UTC on 15th of November 2020 and noon UTC on the 18th of November 2020. If insufficient blocks are mined, then the new fork would have been considered to have failed and the BCH ABC Futures (BCHABC-USD-201225-LIN) will be considered settled and will be immediately expired at a price of zero (0) at noon UTC on the 18th of November.

We will be pausing all deposits and withdrawals of BCH from 8pm UTC on the 14th of November and will only resume them once we are confident that the chain has stabilised and is working as normal.

If the IFP chain (BCH ABC) exists and you have BCH spot balances on CoinFLEX at the time of the fork (based on our snapshot at 10am UTC on the 15th of November 2020), you will be credited an additional matching BCH ABC spot balance as soon as practicable thereafter as long as the new fork is recognised by CoinFLEX. CoinFLEX will likely require 60 confirmations before crediting BCH ABC deposits.

Contract Specs

Please refer to the contract specifications:

BCH Contract Spec.

BCH ABC Contract Spec.

 

(Updated 12th Nov, 2020)

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