Here's What to Do if You Had Bitcoin Cash on Top Crypto Exchanges Before the Fork

Justine Pope

Amid all the confusion around the Bitcoin Cash hard fork, one of the biggest issues is dealing with coins that are left the cryptocurrency exchanges. Here’s how the top exchanges have handled the situation.

As announced on their blog, Binance has distributed Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to their users, and has opened up trading for both pairs on its platform.

Users who held Bitcoin Cash (ticker symbol BCC on Binance, BCH on others) on Binance were distributed 1 BCHABC and 1 BCHSV for each BCC on the exchange. BCC balances were based on a snapshot taken of user wallets two days ago, on November 15th, 2018, at 4:40 PM UTC (the time of the chain split).

Binance follows other exchanges as the support for the BCH hard fork continues. The first exchange to split the tokens was Poloniex, which launched split tokens a week before the chain split. Taking cues from Poloniex, Bitfinex also issued “Chain Split Tokens,” which allowed users to trade both sides of the fork before the hard fork happened. Binance took a more precautionary path and decided to wait until after the chain split to distribute tokens.

On the other hand, some exchanges still haven’t split the tokens yet. Most notably is Coinbase, one of the largest exchanges in the United States, which has not split the chain. The morning of the hard fork, Coinbase tweeted that they will be pausing BCH activity on their exchange:

As of today, there have been no updates from Coinbase as to which tokens they will list. They did mention in a blog post that: “If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”

This hints that users with funds on Coinbase could be waiting a while to receive their forked coins. With past chain splits, like ETH & ETC, BTC & BCH, Coinbase took weeks to months to distribute forked coins, to the dismay of many users

Bittrex took another stance. A day before the fork, the exchange announced that it would be closing BCH activity temporarily, and that “Bittrex will observe the Bitcoin Cash network for a period of 24 to 48 hours to determine if a chain split has occurred and the outcome.” Now that the fork is over, it appears BCHABC has won the ticker symbol on Bittrex. The firm tweeted out:

This means that BCHABC will remain trading under BCH. It also shows that users will be able to claim their BCHSV, however as of this publication, BCHSV is not tradeable on Bittrex and ABC is trading under “Bitcoin Cash (ABC).”

Lastly, HitBTC was a supporter of both chains. Like Poloniex, HitBTC previously allowed trading of both chains prior to the fork. During the fork, deposits and withdrawals were paused, but trading of both chains began again “after the fork is completed and the network is stabilized.” However, caution is advised with HitBTC, as traders have reported of problems with deposits and withdrawals

Kraken, another popular cryptocurrency exchange, revealed it's trading Bitocin Cash ABC under the BCH ticker while responding to one user one microblogging platform Twitter.

 

First Stablecoin Trading Pair Goes Live on Binance DEX

Venture capital backed blockchain startup Stably, the issuer of USDSB, the first stablecoin to be launched on Binance Chain, has announced that a trading pair for USDSB is going live on Binance DEX today (June 24).

Seattle-based Stably was co-founded by Kory Hoang (Chief Executive Officer), a former Private Equity Data Analyst for PitchBook, David Zhang (Chief Technology Officer, who used to be a Software Development Engineer at Amazon, Amiya Diwan (Chief Product Officer), also a former Software Development Engineer at Amazon, and Bryan Guy (Chief Legal Officer), who is a licensed attorney.

Stably announced on 1 November 2018 the early access launch of its pegged and fully dollar-collateralized stablecoin, StableUSD (USDS), which had first been launched on the Ethereum mainnet on 16 August 2018. Stably said at the time that the fiat reserves were held in FDIC-insured escrow accounts managed by custodian Prime Trust, and that a leading accounting firm, Cohen & Co., would be conducting weekly attestations for these fiat reserves. 

Then, on 1 February 2019, USDS got listed on Binance's centralized exchange (Binance.com), and two trading pairs for it—BNB/USDS and BTC/USDS—went live on 5 February 2018.

Later that month, trading pairs to support trading USDS against four other stablecoins—USDT, USDC, PAX, and TUSD—became available on Binance.com.

On March 18, Stably said that USD had received support from Binance's over-the-counter (OTC) desk. Kory Hoang, the Stably CEO, had this to say at the time:

“Partnering with Binance OTC allows us to provide even more liquidity to trading shops who want to move large amounts between major cryptocurrencies and USDS."

In a blog post published on June 3, Stably announced it was going to issue StableUSD on Binance Chain, and that USDSB, a BEP-2 token, would become the first stablecoin on Binance Chain. Mahraan Qadir, Director of Product Management at Stably, went on to say:

Building on Binance Chain provides many benefits for stablecoin users, such as improved security, ease of use, and speed of transaction. This makes USDSB one of the fastest major stablecoins on the market, with one-second block confirmation time and the ability to process several thousands of transactions per second."

He also said:

Expanding onto Binance Chain will also allow the Stably team to eventually submit a proposal to list USDSB on Binance DEX, an initiative that we are planning to achieve in the coming weeks. If it is approved by the validators and gets listed, USDSB will become the first stablecoin to launch on Binance DEX..."

Well, now, three weeks later, we find out via another blog post by Qadir that USDSB has indeed been listed on Binance DEX and that trading pair BNB/USDSB is going live today on Binance DEX (expected to happen aat 10:00 UTC). Furthermore, he says that Stably is "planning to list USDSB with additional assets on Binance DEX very soon."

Also, according to Qadir, today, two trading pairs for USDSB are being launched on Binance.com: USDSB/USDT and USDSB/USDS.

Featured Image Courtesy of Binance