Dear Matrixport Users:
The Bitcoin Cash (BCH) network is expected to undergo a hard fork protocol upgrade on 2020/11/15 at 20:00 (GMT+8). There are currently two competing fork proposals, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN).
In order to reduce the potential trading risks due to market fluctuations during the fork and fully guarantee the security of our users’ assets, the following plans will be adopted accordingly:
1.BCH Deposits & Withdrawals
Matrixport will suspend all BCH deposits and withdrawals at 2020/11/15 12:00 (GMT+8). Please spare sufficient time for your BCH transfers to be fully processed prior to the time mentioned above. We will handle all technical requirements for users holding BCH on Matrixport.
A further announcement will be made regarding the resume time of deposits and withdrawals after the blockchain networks perform stably.
2. Forked asset
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, Matrixport respects the opinions and consensus of the community and users and will set a transition period for the fork. After the community has come to a consensus on BCH naming, we will end the transition period and rename BCHA or BCHN.
Matrixport system will take a snapshot of BCH assets of accounts on 2020/11/15 20:00 (GMT+8). Matrixport will also credit users with the BCHA or BCH at a ratio of 1:1 based on the snapshot.
Since there are still many uncertainties in the current fork if no new coin is created. Matrixport will then resume BCH deposits and withdrawals as soon as possible.
3.BCH Spot & OTC Trading
Matrixport will suspend BCH spot trading at 2020/11/11 15:00 (GMT+8). Functionalities including the price inquiry on the website, instant trade on the APP, API trading, and OTC block trading will all be suspended. Upon completion of the fork token distribution, Matrixport will announce the open time in regard to the BCHA and BCHN trading services. Please follow the official announcement and stay tuned!
4.Financial Services
DeFi Investment Products: Matrixport will support the hard fork during which BCH products will not generate profits. After the hard fork, Matrixport helps clients to auto-renew the investment, and the new token generated from the fork is expected to be returned within 65 days (the new token will have no investment proceeds). If Matrixport deems that the expected yields will drop sharply, it will help clients to redeem and settle the fund from the investment in time.
Clients may also choose to redeem their BCH in advance, by clicking "Redeem" or turning off “Auto-renewal” on the app before 2020/11/09 19:00 (GMT+8), and the platform will settle the funds no later than 2020/11/12.
Fixed Income Products: During the hard fork, the purchase and redemption of fixed income products are temporarily suspended. For fixed-income products that expired after the fork, the new tokens generated from the fork will be returned within 65 days after the fork and will not generate yields. You could also choose early redemption to withdraw your funds, by informing Matrixport Customer Service Team through email (support@matrixport.com) before 18:00 on 2020/11/06 (GMT+8). Matrixport platform will settle your fund before 15:00 (GMT+8) on 2020/11/10.
Leveraged bull/bear Products: During the hard fork, BCH-related leveraged products will be temporarily suspended, and the deposit margin top-up function will not be supported in the meanwhile. The new forked tokens will be redeemed within 65 days after the hard fork. During the fork period, the BCH price may fluctuate significantly, which might trigger the liquidation; and the low liquidity of the forked tokens may result in an extremely low liquidation price. Clients are therefore advised to close the position and redeem the BCH margin before 15:00 on 2020/11/10(GMT+8).
Crypto-backed Loan Products: Matrixport will temporarily suspend the BCH crypto-backed lending business （including loan drawdown, repayment, and BCH margin top-up）from 15:00 (GMT+8) on 2020/11/10. During the hard fork, the price of collaterals may fluctuate wildly, which might trigger the liquidation; Besides, the difficulty to estimate the trading support time for forked tokens and their relatively low trading volume on major exchange platforms might result in an extremely low liquidation price. Customers are therefore advised to repay and return the collaterals before 15:00 on 2020/11/10(GMT+8).
Matrixport reserves the right to adjust the above rules.
Thank you for the continued support and we assure you of our best services at all times.
Regards,
Matrixport Team
2020/11/04