Coinbase to shutdown Bitcoin Cash (BCH) trading ahead of hard fork
|
- Coinbase poses all the buying and selling activities for Bitcoin Cash ahead of the hard fork.
- Customer funds in the current BCH will be safe on Coinbase.
Various industry players announced their support for the approaching Bitcoin Cash (BCH) hard fork. Coinbase recently communicated to its customers informing them of the plans it had for tomorrows historic event for the Bitcoin Cash community. The initial announcement stated that the company was going to halt all the deposits of BCH on all its platforms including CoinbasePro, Coinbase Prime, Coinbase.com, Coinbase Custody alongside the iOS and Android platforms. Moreover, trading was supposed to continue on all the product platforms during and after the hard fork.
However, due to the developments concerning the hard fork, the exchange has altered its stance on Bitcoin Cash hard fork supply. There will not be any trading on Coinbase platforms for BCH citing incompatibility with the “published roadmap.” The exchange states:
“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase. If you wish to have access to your BCH during the pause, you will need to remove it from the Coinbase platform prior.”
In addition, Coinbase has refrained from giving timelines in relation to the hard fork event. On the contrary, it will monitor the situation and keep the users informed. The exchange has already made plans to carry out snapshots of Bitcoin Cash (original). This will ensure that its customer’s funds are secured. The trading will resume after normalcy takes effect in the Bitcoin Cash community.
More:
Bitcoin Cash (BCH) loss is Bitcoin (BTC) gain: Community in dilemma over the hard fork
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.