Dear AAX Users,
At approximately 2020/11/15 20:00 PM (HKT), the Bitcoin Cash (BCH) blockchain is scheduled to undergo a hard fork. It is likely that there is a chain-split between the two main BCH clients, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN), making this a contentious hard fork that may result in an additional token.
As such, to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork, AAX will make the following arrangements:
BCH Deposit & Withdrawal
AAX will suspend BCH deposits and withdrawals at 2020/11/15 18:00 AM (HKT). Please ensure that you leave sufficient time for your BCH transfers to be fully processed prior to the time above. We will handle all technical requirements for users holding BCH on AAX. The resumption time of deposit and withdrawal will be announced after the hard fork is completed and the network is stable.
Regarding the BCH Hard Fork
The two likely scenarios to occur with the Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) contentious hard fork are:
Scenario A: The fork results in two competing chains. AAX will credit users with BCH from the chain with the most work done. We will then also credit users with the coin from the minority chain at a ratio of 1:1 based on the snapshot of BCH balances at 2020/11/15 20:00 PM (HKT) as stated above. Further details regarding this distribution will be stated in a separate announcement.
Scenario B: No new coin is created. AAX will then resume BCH deposits and withdrawals as soon as possible.
About Spot and OTC Trading
This upgrade is expected to fork Bitcoin Cash out of two chains, BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node). Since there is no fair naming standard for the BCH fork in the current community, AAX respects the opinions and consensus of the community and users and will set a transition period for the fork. After the community has formed a consensus on BCH naming, we will end the transition period and rename BCHA or BCHN.
1) Suspend all BCH Exchange trading pairs at 2020/11/15 18:00 AM (HKT). The system will automatically cancel all BCH Exchange trading pairs pending orders at 2020/11/15 18:00 AM (HKT). Please take necessary precautionary risk control measures by canceling orders in advance or repaying loans.
2) Take a snapshot of BCH assets of AAX accounts (Exchange, Futures, Fiat) as the basis for subsequent distribution.
BCH Futures Trading
The maximum leverage of AAX BCHUSDT perpetual contract will be maintained to 25x, and the BCHUSDT perpetual contract can still be traded. At the same time, please take necessary precautionary risk control measures in advance and manage your BCHUSDT perpetual contract pending orders and positions.
If your AAX account has BCH Plus Savings, AAX will distribute BCH interest as usual.
In general, AAX will do what it believes to be the reasonable course of action in the case of forks and similar events. There may be unforeseen circumstances that occur; in that case, AAX reserves the final right of determination but will endeavour to communicate clearly and promptly. All times mentioned here are approximate and may depend on the relevant block times. This policy is subject to change.
We appreciate your cooperation and support.
6 November, 2020