BCH Network Update
The Bitcoin Cash (BCH) network is currently facing the possibility of a contentious hard fork. The fork is expected to occur at 12:00 on November 15, 2020 (UTC). Given that participants have not reached a consensus, the outcome of the fork is entirely uncertain.
What does this mean for Phemex users?
On November 5, 9:00 AM (UTC):
- Our BCHUSD perpetual contract will only support Reduce Only orders or the closing of positions.
On November 6, 3:00 AM (UTC):
- All BCHUSD positions will be closed based on Mark Price and all pending orders will be canceled.
- All BCH Spot Trading activities along with Deposits and Withdrawals will be suspended. Any subsequent deposits will only be credited once the hard fork completes and the market stabilizes.
The exact date and time for all BCH activities to resume will be determined and announced after the hard fork.
In the case that the fork results in two equally viable chains, Phemex will NOT distribute two coins.
What are your options?
- Withdraw your BCH prior to November 6, 3:00 AM (UTC). Please note that many other platforms and wallet applications will likely temporarily suspend their services as well.
- Wait. Your BCH will remain secure in our platform and all services will eventually resume once we determine the most appropriate path forward.