Because of the contention over certain upgrade proposals, a slew of exchanges and wallet providers have revealed their contingency plans for the upcoming consensus change.
Hard Fork Contingency Plans Are Laid Out
Bitcoin Cash fans have a lot going on over the next week as the community is expecting a fork on Nov. 15, but this time around the consensus changes are somewhat contentious. At the time of publication, there is a disagreement between the two developing teams Bitcoin ABC and Bitcoin SV, which could lead to a network split. Until recently, Bitasiaex, Coinex, and Ledger Wallet were the major companies to have detailed their plans for the fork, but since then a tidal wave of other businesses have come forward.
Binance and Coinbase
For instance, on Nov. 2 the trading platforms Coinbase and Binance disclosed how the companies plan to handle the fork situation. Binance announced it plans to "support the upcoming Bitcoin Cash hard fork" in a blog post published that morning.
"Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC)," the exchange wrote. "Deposits and withdrawals of bitcoin cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC)."
Binance continued by stating that it will follow up with a second announcement after the fork. The exchange concluded by stating that Binance users can refer to the 2018 BCH upgrade Github repository published by the Bitcoin ABC team.
After the statements from Binance, 12 hours later Coinbase published an announcement concerning the BCH network fork. The San Francisco exchange detailed the service is "prepared to support the published roadmap from Bitcoincash.org," and also linked to the Github repository page published by the Bitcoin ABC team. Coinbase said in its blog post that approximately one hour before the fork the business will pause BCH transactions. The company explained that customers can be sure their funds will remain safe at Coinbase. "In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain," the organization emphasized.
Poloniex and Kucoin
On Nov. 5, Poloniex exchangem which is owned by Circle Financial, revealed its plans to support the Nov. 15 BCH fork and pause transactions. According to the trading platform, the exchange will take a snapshot of all BCH balances prior to the fork and stop BCH transactions during the upgrade. "Once the network stabilizes, we will make an announcement and re-enable deposits and withdrawals," explained Poloniex. The trading platform concluded by stating that users can also refer to the Bitcoin ABC roadmap.
The same day, the Kucoin cryptocurrency exchange explained it would be supporting the Bitcoin ABC hard fork roadmap. Before the fork takes place, Kucoin will take a balance snapshot and suspend BCH transactions. "Deposits and withdrawals of BCH will be suspended at 23:00:00 on November 15th, 2018 (UTC+8)," explained the trading platform.