Dear OKEx Users,
The Bitcoin Cash (BCH) network is expected to undergo a hard fork around November 15, 2020 (HKT). Currently, there are two node proposals: Bitcoin Cash ABC and Bitcoin Cash Node. As a result, users holding BCH before the fork may receive two new assets. OKEx has outlined the following handling plans for its platform services and the treatment of forked assets:
I. Spot and Margin Trading
- November 8, 2020, 11:00 (HKT): BCH margin borrowing will be disabled.
- November 14, 2020, 11:00 (HKT): The system will enforce mandatory repayments. Users with open margin positions in BCH/USDT or BCH/BTC must repay their loans before this time to avoid forced liquidation.
- November 14, 2020, 17:00 (HKT): Spot and margin trading services will be paused, and all pending orders will be canceled.
- November 14, 2020, 18:00 (HKT): BCH deposits will be suspended. Users are advised to deposit BCH in advance. OKEx will handle all technical issues during the fork.
👉 Learn more about BCH trading strategies
II. Futures and Perpetual Swaps
1. Contract Specifications
- OKEx's BCHUSD and BCHUSDT futures and perpetual swaps will continue trading under the same names.
- Post-fork, the contract will track the chain with higher valuation across major exchanges.
2. Index Adjustments & Risk Controls
Pre-Fork: If exchanges delist BCH pairs, OKEx will adjust risk controls:
- Price Limits: ±15% of the 1-minute moving average.
- Liquidation Triggers: Based on mid-market price instead of mark price.
- Funding Rates: Set to 0 if liquidity is insufficient.
- Post-Fork: The contract will index the dominant chain once exchanges stabilize.
3. Leverage Tier Adjustments
To mitigate volatility risks, OKEx will:
- Reduce maximum leverage for BCH contracts.
- Increase maintenance margin requirements.
4. New Contract Listings
- No new weekly or bi-weekly BCH contracts will be listed before November 15, 2020 (HKT).
III. Fiat C2C Trading
- November 8, 2020, 11:00 (HKT): BCH C2C trading will be paused.
IV. Financial Services
- Savings (余幣寶): Users will continue earning interest on remaining lendable balances.
C2C Lending:
- November 8, 2020, 11:00 (HKT): BCH collateral loans will be disabled.
- November 14, 2020, 11:00 (HKT): Mandatory repayments for BCH-backed USDT loans.
V. Forked Asset Distribution
- November 15, 2020, 21:00–21:05 (HKT): OKEx will snapshot BCH holdings.
- Post-fork, the higher-valued chain will inherit the BCH ticker. The alternate chain’s token will be airdropped 1:1 to users’ funding accounts.
- OKEx will announce deposit and trading schedules for new assets separately.
👉 Secure your BCH holdings now
FAQ Section
Q1: Will my BCH be safe during the fork?
A: Yes. OKEx will manage all technical aspects, and your assets will remain secure.
Q2: How are the new tokens distributed?
A: Snapshot balances determine airdrop eligibility. The dominant chain retains the BCH ticker.
Q3: Can I trade BCH during the fork?
A: Trading halts on November 14. Monitor OKEx announcements for updates.
Q4: What happens to my margin positions?
A: Repay loans before November 14 to avoid forced liquidation.
Q5: When will services resume?
A: OKEx will notify users post-fork via official channels.
Disclaimer:
OKEx reserves the right to adjust rules if market conditions change. Digital assets are volatile; assess risks before investing.
OKEx Team
October 28, 2020