Binance opens trading for Bitcoin Cash ABC [BCHABC], Bitcoin Cash SV [BCHSV]
Binance, among the top crypto exchanges in the world, announced on Friday that it had completed distributing Bitcoin Cash ABC [BCHABC] and Bitcoin Cash SV [BCHSV] to all eligible customers. The exchange has opened trading for the new pairs – BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT – at 0800 UTC on Friday.
According to a statement on its official website, the exchange distributed to its customers 1 BCHABC for 1 BCH and 1 BCHSV for 1 BCH, depending on the snapshots that the platform took of all Bitcoin Cash balances. The snapshots were taken at 1640 UTC on Thursday, as planned.
Binance has delisted all BCH trading pairs from its platform and removed all earlier Bitcoin Cash balances from its users’ accounts.
Though trading has begun, the exchange will only resume deposits and withdrawals of the two new chains of Bitcoin Cash once it deems the respective blockchains and wallets to be usable and stable.
The Bitcoin Cash hard fork took place on Thursday and split the BCH community into two factions. The two chains were created as a result of differences within the community regarding the implementation of the BCH network.
Roger Ver of Bitcoin.com and Bitmain’s Jihan Wu have backed Bitcoin ABC (Adjustable Blocksize Cap), while nChain’s Craig Wright is behind the Bitcoin SV (Satoshi’s Vision) chain. The sides supporting Bitcoin SV and Bitcoin ABC have locked horns over the proposed changes to the BCH infrastructure.
Bitcoin ABC proponents believed the network required minimal changes such as enabling node operators to change the block size limit. On the other hand, the Bitcoin SV chain proposed overwriting the network scripts of Bitcoin ABC, thereby increasing the BCH block size from 32 MB to 128 MB.
Many crypto trading platforms have suspended trading of Bitcoin Cash in anticipation of the hard fork. OKEx, which currently ranks as the top crypto exchange in the world, had suspended BCH trading, deposits and withdrawals on Thursday.
Poloniex, an exchange set up by the Goldman Sachs-backed crypto firm Circle, also disabled the BCH market on Thursday and paused all deposits and withdrawals of the two new chains.
Coinbase, another leading exchange, had stated on Wednesday that it would also pause all trading of BCH on Thursday.
All the three exchanges mentioned above said that they will only resume all trading activities of BCH once the networks stabilize. The platforms have yet to give details on the specific timing for the same.
Bitcoin Cash [BCH] trading suspended post hard fork; BCHABC ahead of BCHSV
Bitcoin falls below key support on the eve of BCH hard fork; market loses $26 bn
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Author: Jessica Kuruthukulangara