Starting August 1, 2017 20:20 (GMT+8), BCC (Bitcoin Cash also named BitcoinABC) will begin to be mined. In the strictest sense, BCC is an alternative asset to BTC, and is not part of or a fork of Bitcoin. We have determined that BCC has changed the original technology and security intention of BTC, by adopting the dynamic difficulty adjustment. It is in our judgement a new digital asset, but simply that BCC starts its ledger history with the same owners as that of BTC. As such this asset has granted all BTC holders the equivalent amount of BCC at the outset.
OKEx users have also advised us on their recommended course of action for BTC contracts trading.
In order to best protect the interest of our users, OKEx has decided to allow BTC contracts to continue trading uninterrupted before and after BCC comes into existence. You will be able to continue opening and closing positions on our weekly, biweekly, and quarterly contracts. The BTC contracts index calculations will not change as a result of BCC and BCC price will not be factored into the BTC contracts index. In order to prevent large manipulative trading tactics, we have decided to take a snapshot of users’ account equity during a stable market trading time between 19:00 and 20:00 on August 1 – the day of BCC release and use that snapshot amount to grant users their BCC separately to their BCC spot balance.
In further detail, our policy is as follows:
1. All existing contracts on OKEx does not include BCC transactions, so BCC that are granted will be into users spot account, not contracts account. Please pay attention to check your balance at the appropriate time.
2. We will calculate your BTC balance based on your user account equity (Account equity = Margin Amount + Realized Profit and Loss + Unrealized Profit and Loss), and distribute the equivalent amount of BCC to the user spot account.
3. This matter only affects BTC contracts trading, and Litecoin contracts trading will not be affected.
From our earlier notice on deposits and withdraws, we kindly remind you again:
1. From July 31, 2017 00:00 to August 3, 2017 00:00, in order to prevent replay attacks we will halt Bitcoin deposits and withdraws. In order to not interrupt your trading experience, we recommend you deposit bitcoins in advance.
2. In order to prevent replay attacks leading to a loss of either BTC or BCC, the OKEx technical team will be conducting extensive testing, and the resumption of deposits and withdraws may be earlier or delayed.
We endeavor to continue to provide you with better products and better services!
OKEX: +852 5808 5768
July 27, 2017