Binance to Support Nov 15 Bitcoin Cash Fork

Binance has said they will support the Nov 15th Bitcoin Cash for Bitcoin SV. It is however unclear if they will credit users for the forked coin.

With that said, logically them stating they support the fork implies that they will credit users, and that means you’ll get Bitcoin SV in a 1:1 ratio to BCH if you keep your BCH on Binance for the snapshot.

Assuming they do credit users, the below points are important to understand:

  • Binance will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).
  • Trading should logically start at some point after that (it is still unclear). In the past Binance has offered futures until the main net went live, this could be the case with this fork, or they could wait for the main net to launch. Or, they could always not allow trading but offer withdrawal. The problem with trusting someone else with your coins is you have no way to know for 100% sure how they will proceed. If you don’t want to trust someone else, be in control of your private keys! I’ll let you know more details when I know.
  • There has been talk that neither fork has replay protection, so be careful moving your BCH or Bitcoin SV after the fork (If you have your coins on Binance, consider keeping them there until you know any bugs have been worked out).

You can also claim this fork by being in control of your private keys, however if you plan to sell this will require you to download the wallets of the fork, claim your keys, and then move to an exchange to sell. That process would be slow and full of potential traps given a lack of replay protection and the potential for fake wallets or a broken real wallet of the forked asset.

With that in mind, if you plan to trade BCH and Bitcoin SV out of the gate, then moving your coins to Binance before the snapshot is a solid bet.

With that said, Poloniex and Bittrex have been more explicit about supporting the fork with Poloniex offering pre-fork trading and Bittrex clearly stating support for crediting users post-fork.

Read more about the Bitcoin Cash fork.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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