Binance Supports Slated Bitcoin Cash Fork

Binance, the world’s largest digital currency exchange, has announced plans to support the upcoming hard fork of Bitcoin Cash, slated to be launched on November 15.

As announced in a recently published blog post, crypto titan Binance will be supporting both sides of Bitcoin Cash’s hard fork:

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).”

The post went on explaining that Binance will temporarily be suspending all deposits and withdrawals on the platform one hour prior to the slated hard fork, instructing users to make sure to allow sufficient time for the facilitation of deposits. According to the post, a second announcement will also be published to notify users when the platform will resume withdrawals and deposits.

Binance’s announcement comes days following a similar statement released by global hardware wallet provider Ledger, indicating plans to also support the forthcoming Bitcoin Cash hard fork. In a recently published blog post, Ledger stated that it would also be temporarily suspending facilitation of Bitcoin Cash transactions until the hard fork has been completed, adding that:

“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically. The reason for closing the service during this time is to prevent unwanted transactions (resulting from “replay attacks”), causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time.”

The hardware wallet provider further advised users intending to continue transacting using Bitcoin Cash to use a third-party wallet. As Ledger went on stating, users who only wish to store Bitcoin Cash funds could do so on the wallet platform and would not be affected in any way.

Following Binance’s announcement, the price of Bitcoin Cash has seen a sharp spike in the last six hours, escalating from $425 to $471, according to data indexed on CoinMarketCap.